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Boston Scientific Corporation (NYSE: BSX) Investor Securities Class Action Lawsuit 12/05/2020

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

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Lawsuit Overview

Company
Boston Scientific
Security
NYSE: BSX

Case Name
Boston Scientific Shareholder Class Action Lawsuit 12/05/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

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Summary

January 4, 2021 - The case was transferred to the U.S. District Court for the District of Massachusetts.

December 4, 2020 - An investor in shares of Boston Scientific Corporation (NYSE: BSX) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Boston Scientific Corporation in connection with certain allegedly false and misleading statements made between April 24, 2019 and November 16, 2020.

Marlborough, MA based Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. The Company's products include, among others, the LOTUS Edge Aortic Valve System, which is a Transcatheter Aortic Valve Replacement ( TAVR ) product. Boston Scientific announced the U.S. Food and Drug Administration's ( FDA ) approval for the LOTUS Edge Aortic Valve System in April 2019.

On November 17, 2020, Boston Scientific Corporation 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 Corporation 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.

Shares of Boston Scientific Corporation (NYSE: BSX) declined from $38.77 per share on November 16, 2020, to as low as $33.01 per share on November 30, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Boston Scientific Corporation (NYSE: BSX) common shares between April 24, 2019 and November 16, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 24, 2019 and November 16, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that the LOTUS Edge Aortic Valve System's product delivery system was dysfunctional and threatened the continued viability of the entire product line, that as a result, the Company had materially overstated the continued commercial viability and profitability of the LOTUS Edge Aortic Valve System, and that as a result, the Company's public statements were materially false and misleading at all relevant times.