Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of New York on behalf of shareholders of Boston Scientific Corporation who purchased shares between April 24, 2019 and November 16, 2020.
Boston Scientific and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 17, 2020, the Company announced a global recall of all unused inventory of its LOTUS Edge Aortic Valve System, due to “complexities associated with the product delivery system,” and 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, the price of Boston Scientific’s shares fell $3.00 per share, or 7.89%, to close at $35.03 per share on November 17, 2020.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until February 2, 2021 to request that the court appoint them lead plaintiff.