NEW YORK, April 24, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Boston Scientific Corporation (“Boston Scientific” or the “Company”) (NYSE: BSX) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Boston Scientific between February 26, 2015 through April 16, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that 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) Boston Scientific’s surgical mesh products indicated for the transvaginal repair of POP were unsafe; (ii) accordingly, Boston Scientific’s continued marketing and sales of these devices in the United States was unlikely to be sustainable; (iii) separately, the Company had sold vaginal mesh implants containing counterfeit or adulterated resin products imported from China; (iv) the foregoing conduct subjected the Company to a heightened risk of regulatory scrutiny and/or government investigations; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On February 24, 2016, in its annual report for fiscal year 2015, Boston Scientific 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. The Company 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 the Company’s alleged use of counterfeit imports in its surgical mesh products. In response, Boston Scientific stated that it has “extensively tested the [plastic] resin to confirm its composition, safety, and performance.”
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the June 24, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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