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Home > Financial Press Releases > Scott+Scott, LLC: A Leader in Pharmaceutical Corp Securities Fraud Litigation Filed Initial Case Against Boston Scientific
Scott+Scott, LLC: A Leader in Pharmaceutical Corp Securities Fraud Litigation Filed Initial Case Against Boston Scientific
COLCHESTER, Conn., Nov. 20 -- Scott+Scott, LLC the first to file a securities class action against Boston Scientific Corp. (NYSE: BSX) (“Boston Scientific”) on September 21, 2005, will file a lead plaintiff motion with the Court on November 21, 2005. Scott+Scott represents both individual and institutional investors of Boston Scientific in the United States District Court for the District of Massachusetts (Case No. 1:05-cv-11934-JLT). Presently, the class is defined as those who purchased the securities between March 31, 2003 and August 23, 2005, inclusive (the "Class Period"), but class periods can change as information is revealed.
Scott+Scott will provide class members with case materials, answer all questions regarding participation and rights, and assist with other services the firm provides. There is no cost or fee to you. During the class period, the stock traded over $45 per share and now trades at $26.10 per share.
NOTE: Also included are all those who acquired Boston Scientific through its acquisitions of Rubicon Medical, CorAutus, Precision Vascular, Advanced Bionics, CryoVascular Systems and TriVascular.
The complaint, filed as the first complaint at client request on September 21, 2005, alleges that Boston Scientific and certain individual defendants violated the federal securities laws (provisions of the Securities Exchange Act of 1934) by making false and misleading assurances of the Company’s ability to satisfy FDA regulations governing its medical device product quality. This falsity, the complaint alleges, caused its stock to trade at artificially inflated levels. The complaint also alleges over $400 million was sold in insider trading.
New Revelations: In late September and early October, it was reported that a hospital in Michigan temporarily halted the use of the Boston Scientific stent when it allegedly caused injury to a few patients. On November 14, 2005, the U.S. Food and Drug Administration stated it was investigating the matter. Also on the 14th, the Company hired J.P. Morgan Securities, Deutch Banc Securities and UBS Securities to underwrite the sale of $750 million of debt to repay borrowings and fund other needs.
The plaintiff is represented by Scott+Scott, LLC, which has significant experience as lead counsel or active counsel in prosecuting investor class actions concerning pharmaceutical/medical companies. Such companies include Taro Pharmaceuticals, Nabi Pharmaceuticals, Imclone Systems (lead), Guidant Corporation, Pfizer, Merck, Forrest Laboratories, Healthsouth and more. The firm dedicates itself to client communication and satisfaction and currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, charities, foundations, individuals and other entities worldwide. Cases currently being litigated and/or investigated by Scott+Scott, LLC include: Refco, Inc.; Guidant Corp.; Abbott Laboratories; HCA, Inc.; Halliburton, and others.
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