Boston Scientific Corporation (NYSE: BSX) Investor Securities Class Action Lawsuit 04/24/2019

If you purchased a significant amount of shares of Boston Scientific Corporation (NYSE: BSX) between February 26, 2015, and April 16, 2019, and / or if you purchased any NYSE: BSX shares prior to February 2015 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: June 24, 2019. NYSE: BSX investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Boston Scientific
Case Name: 
Boston Scientific Shareholder Class Action Lawsuit 04/24/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: BSX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/24/2019
Class Period Begin: 
02/26/2015
Class Period End: 
04/16/2019
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
06/24/2019
Summary: 

An investor in shares of Boston Scientific Corporation (NYSE: BSX) filed a lawsuit in the U.S. District Court for the Southern 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 February 26, 2015, and April 16, 2019.

Marlborough, MA based Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. In July 2011, the Food and Drug Administration ("FDA") released a Public Health Notice update regarding complications related to the use of Urogynecologic Surgical Mesh for pelvic organ prolapse and stress urinary incontinence. By February 24, 2015, over 25,000 product liability cases or claims related to transvaginal surgical mesh had been filed against Boston Scientific Corporation, as well as cases in the United Kingdom. Nevertheless, Boston Scientific Corporation continued to deny these allegations concerning its products.
On February 24, 2016, in its annual report for fiscal year 2015, Boston Scientific Corporation disclosed that a putative class action had been filed against it alleging, inter alia, that the Company had used counterfeit or adulterated resin products imported from China in their vaginal mesh implants, resulting in personal injury. Boston Scientific Corporation also disclosed that Boston Scientific was in contact with the U.S. Attorney's Office for the Southern District of West Virginia regarding its alleged use of counterfeit imports from China.
On May 13, 2018, CBS's 60 Minutes aired a story highlighting Boston Scientific Corporation's alleged use of counterfeit imports in its surgical mesh products. In response, Boston Scientific Corporation stated that it has "extensively tested the [plastic] resin to confirm its composition, safety, and performance."

On April 16, 2019, the FDA announced that it had "ordered the manufacturers of all remaining surgical mesh products indicated for the transvaginal repair of pelvic organ prolapse . . . to stop selling and distributing their products in the U.S. immediately." The FDA stated that "the manufacturers, Boston Scientific and Coloplast, have not demonstrated a reasonable assurance of safety and effectiveness for these devices," as required to continue marketing the devices in the United States. According to Jeffrey Shuren M.D., director of the FDA's Center for Devices and Radiological Health: "In order for these mesh devices to stay on the market, we determined that we needed evidence that they worked better than surgery without the use of mesh to repair POP. That evidence was lacking in these premarket applications, and we couldn't assure women that these devices were safe and effective long term[.]"

Shares of Boston Scientific Corporation (NYSE: BSX) declined from $40.90 per share in early March 2019 to as low as $34.35 per share on April 18, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Boston Scientific Corporation (NYSE: BSX) common shares between February 26, 2015, and April 16, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 26, 2015, and April 16, 2019, the Defendants made false and/or misleading statements and/or failed to disclose that Boston Scientific's surgical mesh products indicated for the transvaginal repair of POP were unsafe, that accordingly, Boston Scientific's continued marketing and sales of these devices in the United States was unlikely to be sustainable, that separately, the Company had sold vaginal mesh implants containing counterfeit or adulterated resin products imported from China, that the foregoing conduct subjected the Company to a heightened risk of regulatory scrutiny and/or government investigations, and that as a result, the Company's public statements were materially false and misleading at all relevant times.