NuVasive Inc (NASDAQ: NUVA) Investor Securities Class Action Lawsuit 08/28/2013

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Company Name(s): 
NuVasive
Case Name: 
NuVasive Shareholder Class Action Lawsuit 08/28/2013
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: NUVA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/28/2013
Class Period Begin: 
10/22/2008
Class Period End: 
07/30/2013
Court of Filing: 
U.S. District Court for the Southern District of California
Deadline To File for Lead: 
10/28/2013
Date Settled: 
06/11/2018
Settlement Amount: 
$7,900,000
Deadline to Participate in Settlement: 
10/23/2018
Settlement Notice: 
Settlement Proof: 
Summary: 

June 11, 2018 - The court conditional preliminarily approved the settlement.

March 23, 2018 - Parties filed a stipulation of settlement.

October 26, 2016 - The lead plaintiff filed a sixth amended complaint.

July 12, 2016 - The court granted in part and denied in part defendants' motion to dismiss.

September 11, 2015 - The lead plaintiff filed a fifth amended complaint.

February 23, 2015 - The lead plaintiff filed a fourth amended complaint.

December 23, 2014 - The lead plaintiff filed a third amended complaint.

December 9, 2014 - The court granted the defendants' motion to dismiss and granted plaintiff leave to file an amended complaint.

September 8, 2014 - The lead plaintiff filed a second amended complaint.

August 19, 2014 - The court granted the defendants' motion to dismiss and granted plaintiff leave to file an amended complaint.

February 13, 2014 - The lead plaintiff filed an amended complaint.

December 27, 2013 - Lead plaintiff and lead counsel were appointed.

October 28, 2013 - Lead plaintiff motions were filed.

August 28, 2013 - An investor in shares of NuVasive Inc (NASDAQ: NUVA) filed a lawsuit in the U.S. District Court for the Southern District of California against NuVasive Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 22, 2008 and July 30, 2013.

According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of NuVasive Inc (NASDAQ: NUVA) between October 22, 2008 and July 30, 2013, that NuVasive Inc and certain of its officers and directors violated the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that Defendants made allegedly false and/or misleading statements and/or failed to disclose that NuVasive Inc improperly submitted false claims to Medicare and Medicaid in violation of federal and state laws and regulations, that NuVasive Inc’s internal compliance program was unable to detect and report False Claims Act and other violations, and that as a result of the foregoing, NuVasive Inc’s statements were materially false and misleading at all relevant times.

On July 30, 2013, NuVasive Inc reported its second quarter 2013 financial results. Among other things, NuVasive Inc said that during the three months ended June 30, 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. NuVasive Inc said that the subpoena seeks discovery of documents for the period January 2007 through April 2013.

Shares of NuVasive Inc (NASDAQ: NUVA) declined from over $27 per share in late July 2013 to as low as $22.52 per share on August 1, 2013.

On August 28, 2013, NuVasive Inc (NASDAQ: NUVA) shares closed at $23.73 per share.