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Boston Scientific Corporation

Case Details

Class Period: April 24, 2019 - November 16, 2020
Date Filed: December 04, 2020
Case Number: 1:20cv05894
Jurisdiction: New York Eastern District Court
Days Left to
Seek Plaintiff:
18

Case Summary

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the LOTUS Edge Aortic Valve System’s product delivery system was dysfunctional and threatened the continued viability of the entire product line; (ii) as a result, the Company had materially overstated the continued commercial viability and profitability of the LOTUS Edge Aortic Valve System; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times. On November 17, 2020, Boston Scientific 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 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.” On this news, Boston Scientific’s stock price fell $3.00 per share, or 7.89%, to close at $35.03 per share on November 17, 2020.

Documents
Complaint