LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Boston Scientific Corporation (“Boston Scientific” or the “Company”) (NYSE: BSX) securities between April 24, 2019 and November 16, 2020, inclusive (the “Class Period”). Boston Scientific investors have until February 2, 2021 to file a lead plaintiff motion.
If you suffered a loss on your Boston Scientific investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/boston-scientific-corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On November 17, 2020, Boston Scientific announced a worldwide recall of all unused inventory of the LOTUS Edge Aortic Valve System, a transcatheter aortic valve replacement product which had been approved by the U.S. Food and Drug Administration (“FDA”) in April 2019. Citing "complexities associated with the product delivery system" and the “additional time and investment required to develop and reintroduce an enhanced delivery system,” the Company stated that it had "chosen to retire the entire LOTUS product platform immediately."
On this news, Boston Scientific's stock price fell $3.00 per share, or approximately 8%, to close at $35.03 per share on November 17, 2020, thereby injuring investors.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the LOTUS Edge Aortic Valve System's product delivery system was dysfunctional and threatened the continued viability of the entire product line; (2) as a result, the Company had materially overstated the continued commercial viability and profitability of the LOTUS Edge Aortic Valve System; and (3) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Boston Scientific securities during the Class Period, you may move the Court no later than February 2, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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