LOS ANGELES, Nov. 11, 2005 (PRIMEZONE) -- Glancy Binkow & Goldberg LLP -- representing shareholders of Boston Scientific Corporation -- announces 10 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of Boston Scientific Corporation ("Boston Scientific" or the "Company")(NYSE:BSX), between March 31, 2003 and August 23, 2005, inclusive (the "Class Period"), may move the Court not later than November 21, 2005, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Boston Scientific and certain of the Company's executive officers with violations of federal securities laws. Boston Scientific develops, manufactures and markets medical devices and technologies used in interventional medical specialties -- including cardiology, oncology, endoscopy, urology and gynecology -- and also offers a variety of other less-invasive medical products. The Complaint alleges Boston Scientific provided highly explicit false and misleading assurances of the Company's ability to satisfy FDA regulations governing its medical device product quality, as well as affirmative representations concerning the Company's knowledge and expertise with respect to the design, development, marketing approval, and sales of its medical devices. The Complaint further alleges that during the Class Period certain of the defendants sold millions of shares of Boston Scientific stock, resulting in proceeds of approximately $400 million.
On August 23, 2005, based on the cumulative impact of three separate FDA Warning Letters, investors learned of defendants' broad based concealment of Boston Scientific's defective and deficient internal controls and corporate compliance processes and the risks the Company faced. As a result of this news, Boston Scientific's stock price dropped $1.23, or 4.5 percent, on volume of 15.8 million shares, to close at $25.92 per share -- which was $19.89, or 43.4 percent, below its Class Period high of $45.81 on April 5, 2004.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than November 21, 2005, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.