October 6, 2016 (Shareholders Foundation) - An investor in shares of NuVasive, Inc. (NASDAQ:NUVA) filed a lawsuit against certain NuVasive directors over alleged breaches of fiduciary duties.
According to the complaint the plaintiff alleges that certain directors of NuVasive cost the company over $13 million in fines for allegedly failing to disclose it paid certain doctors kickbacks to us its products and for submitting false claims in Medicare and Medicaid.

In 2013, NuVasive, Inc. received a federal administrative subpoena from the Office of the Inspector General of the U.S. Department of Health and Human Services (“OIG”) in connection with an investigation into possible false or otherwise improper claims submitted to Medicare and Medicaid. The subpoena sought discovery of documents for the period January 2007 through April 2013. In July 2015, NuVasive, Inc. entered into a definitive settlement agreement. Under the terms of the agreement, NuVasive, Inc. paid $13.5 million plus fees and accrued interest of approximately $0.3 million to resolve this matter.

NuVasive, Inc. reported that its annual Total Revenue rose from $762.41 million in 2014 to $811.11 million in 2015 and that its Net Loss of $16.72 million in 2014 turned into a Net Income of $66.29 million in 2015. Shares of NuVasive, Inc. (NASDAQ:NUVA) grew from $32.88 per share in April 2014 to as high as $69.00 per share on September 21, 2016.

On October 6, 2016, NASDAQ:NUVA shares closed at $67.06 per share.