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Boston Scientific Corporation (NYSE: BSX) Investor Securities Class Action Lawsuit 04/09/2010

  • If you purchased shares of Boston Scientific Corporation (NYSE: BSX), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Boston Scientific
Security
NYSE: BSX

Case Name
Boston Scientific Shareholder Class Action Lawsuit 04/09/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

August 3, 2012 - The U.S. Court of Appeals for the First Circuit issued a formal mandate on the July 13, 2012 opinion.
July 13, 2012 - The U.S. Court of Appeals for the First Circuit affirmed the decision of the district court.

October 17, 2011 - The lead plaintiffs filed a notice of appeal.

September 20, 2011 - The court issued an order of dismissal, dismissing the case in its entirety.

September 19, 2011 - The court granted the defendants' motion to dismiss.

December 17, 2010 - The defendants filed a motion to dismiss.

September 14, 2010 - The lead plaintiffs filed an amended complaint.

July 12, 2010 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

June 8, 2010 - Lead plaintiff motions were filed.

April 9, 2010 - An investor in shares of Boston Scientific Corporation (NYSE: BSX) filed a lawsuit in U.S. District Court for the District of Massachusetts against Boston Scientific Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 20, 2009 and March 12, 2010.

According to the complaint the plaintiff alleges that Boston Scientific Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between April 20, 2009 and March 12, 2010, materially false and misleading statements regarding its business and prospects.

Then on March 15, 2010, before the market opened, Boston Scientific Corporation. announced that it was suspending sales of and was recalling all of its implantable cardiac defibrillator and implantable cardiac resynchronization therapy defibrillator devices because it had changed the manufacturing process for the devices without obtaining FDA approval. On this news, so the lawsuit, Boston Scientific Corporation (NYSE: BSX) shares dropped 12.6%, to close at $6.80 per share, on volume of 243 million shares.

Shares of Boston Scientific Corporation (NYSE: BSX) traded recently at $6.97 per share, down from its 52weekHigh of $11.77 per share, over $14 per share in 2008, over $18 per share in 2007, and over $26 in 2006.

Boston Scientific Corporation, located in Natick, Massachusetts, is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties, including cardiac rhythm management, electrophysiology, interventional cardiology, peripheral interventions, neurovascular, endoscopy, urology, women’s health and neuromodulation. Boston Scientific Corporation reported in 2007 Total Revenue of $8.357billion, in 2008 $8.05billion, and in 2009 $8.188billion.