Boston Scientific Corporation Class Action Lawsuit
- Company Name
- Boston Scientific Corporation
- Stock Symbol
- Class Period
- April 24, 2019 to November 16, 2020
- Motion Deadline
- February 2, 2021
- Eastern District of New York
The Boston Scientific Corporation class action lawsuit charges Boston Scientific and certain of its executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of Boston Scientific securities between April 24, 2019 and November 16, 2020, inclusive (the “Class Period”). The Boston Scientific class action lawsuit was commenced on December 4, 2020 in the Eastern District of New York and is captioned Jevons v. Boston Scientific Corporation, No. 20-cv-05894.
Boston Scientific develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. Boston Scientific’s products include, among others, the LOTUS Edge Aortic Valve System, which is a Transcatheter Aortic Valve Replacement product. Boston Scientific announced U.S. Food and Drug Administration approval for the LOTUS Edge Aortic Valve System in April 2019.
The Boston Scientific class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) the LOTUS Edge Aortic Valve System’s product delivery system was dysfunctional and threatened the continued viability of the entire product line; (ii) as a result, Boston Scientific had materially overstated the continued commercial viability and profitability of the LOTUS Edge Aortic Valve System; and (iii) as a result, Boston Scientific’s public statements were materially false and misleading at all relevant times.
On November 17, 2020, Boston Scientific announced a global recall of all unused inventory of the LOTUS Edge Aortic Valve System, citing “complexities associated with the product delivery system.” Boston Scientific further announced that, “[g]iven the additional time and investment required to develop and reintroduce an enhanced delivery system, the company has chosen to retire the entire LOTUS product platform immediately.” On this news, Boston Scientific’s stock price fell nearly 8%, damaging investors.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Boston Scientific securities during the Class Period to seek appointment as lead plaintiff in the Boston Scientific class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Boston Scientific class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Boston Scientific class action lawsuit. An investor’s ability to share in any potential future recovery of the Boston Scientific class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Boston Scientific class action lawsuit or have questions concerning your rights regarding the Boston Scientific class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com. Lead plaintiff motions for the Boston Scientific class action lawsuit must be filed with the court no later than February 2, 2021.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.