Integra LifeSciences Holdings Corporation Class Action Lawsuit - IART
Case Summary
Investors who suffered a loss and would like to learn more, click here to contact us.
The Integra LifeSciences class action lawsuit seeks to represent purchasers or acquirers of Integra LifeSciences Holdings Corporation (NASDAQ: IART) common stock between March 11, 2019 and May 22, 2023, inclusive (the “Class Period”). Captioned Pembroke Pines Firefighters & Police Officers Pension Fund v. Integra LifeSciences Holdings Corporation, No. 23-cv-20321 (D.N.J.), the Integra LifeSciences class action lawsuit charges Integra LifeSciences and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Integra LifeSciences class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Integra LifeSciences class action lawsuit must be filed with the court no later than November 13, 2023.
CASE ALLEGATIONS: Integra LifeSciences develops regenerative tissue technologies and neurological solutions. The Integra LifeSciences class action lawsuit alleges that on November 2, 2018, the U.S. Food and Drug Administration (“FDA”) issued a Notice of Inspectional Observations on Form 483 (the “2018 Form 483”) to put Integra LifeSciences on notice of quality systems and manufacturing conditions violations. The complaint further alleges that on March 6, 2019, the FDA issued a warning letter (the “2019 Warning Letter”) to Integra LifeSciences further documenting the quality control and manufacturing problems at its Boston, Massachusetts facility (“Boston Facility”). On November 12, 2021, the FDA issued another Form 483 (the “2021 Form 483”) for violations of good manufacturing practice requirements, the complaint further alleges.
The Integra LifeSciences class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Integra LifeSciences failed to take sufficient measures to remediate the violations identified by the FDA in the 2018 Form 483, 2019 Warning Letter, and the 2021 Form 483; (ii) as a result of those deficiencies, since March 2018, all products manufactured in the Boston Facility had the potential for higher-than-permitted levels of endotoxin and would need to be recalled; and (iii) Integra LifeSciences was not making progress towards obtaining its premarket approval (“PMA”) indication for its product SurgiMend, in part, because the manufacturing site that would produce the PMA product was in continued violation of the FDA standards that Integra LifeSciences failed to rectify years after the initial notice of the violations.
The Integra LifeSciences class action lawsuit further alleges that on April 26, 2023, Integra LifeSciences disclosed that it had “[p]aused production at the Boston manufacturing site in March while pulling forward quality system upgrades project.” As a result of the shutdown, Integra LifeSciences announced lowered operating margins for the quarter and flat revenue growth projection, the complaint alleges. The Integra LifeSciences class action lawsuit alleges that on this news, the price of Integra LifeSciences common stock fell nearly 8%.
The Integra LifeSciences class action lawsuit further alleges that on May 23, 2023, Integra LifeSciences disclosed that “after consultation with the [FDA], [Integra LifeSciences] initiated a voluntary global recall of all products manufactured in its [Boston Facility]” that were “distributed between March 1, 2018 and May 22, 2023.” The complaint further alleges that Integra LifeSciences revised its guidance for the second quarter of 2023, lowering its expectation for revenue by 6% and adjusted earnings per diluted share by 26%, and further revealed that Integra LifeSciences expects to take a $22 million impairment charge at the end of the second quarter of 2023 related to recalled inventory that would have to be written off. The Integra LifeSciences class action lawsuit alleges that on this news, the price of Integra LifeSciences common stock fell more than 20%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Integra LifeSciences common stock on a U.S. open market during the Class Period to seek appointment as lead plaintiff of the Integra LifeSciences 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 Integra LifeSciences class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Integra LifeSciences class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Integra LifeSciences class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.