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NEW YORK, Dec. 16, 2020 (GLOBE NEWSWIRE) — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit in the United States District Court for the District of Massachusetts against Boston Scientific Corporation (“Boston Scientific” or “BSX” or the “Company”) (NYSE: BSX) and certain of its executives.
The Complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission, and is brought by plaintiff on behalf of all persons and entities who purchased the publicly traded securities of Boston Scientific during the period April 24, 2019 through November 16, 2020, inclusive (“Class Period”).If you are a member of the proposed Class, you may move the court no later than February 3, 2021 to serve as a lead plaintiff for the proposed Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.The Complaint alleges that Defendants represented that the Company’s LOTUS Edge transcatheter aortic valve replacement device was a source of revenue growth, that medical centers were using the device consistently, and the number of accounts/medical centers using the device was growing; however, unknown to investors, Defendants’ representations were materially false and misleading because: 1) that the LOTUS Edge required additional product development work, an enhanced delivery system, reduced training and case support; 2) the Company was facing increases in both manufacturing complexity and the investment required for clinical scalability of the LOTUS Edge; and 3) as a result of material manufacturing and product delivery difficulties, the Company’s commercial efforts to expand LOTUS Edge market share were unsustainable and failing. The Complaint further alleges that Defendants Michael F. Mahoney, the Company’s Chief Executive Officer; Joseph M. Fitzgerald, the Company’s Executive Vice President and President – Interventional Cardiology; and Daniel J. Brennan, the Company’s Chief Financial Officer and Executive Vice President, collectively sold over 500,000 shares of Boston Scientific securities at artificially inflated prices for proceeds of over $19 million.Then, on November 17, 2020, before the market opened, the Company announced that “it initiated a global, voluntary recall of the unused inventory of the LOTUS Edge Aortic Valve System due to complexities associated with the product. The Company further disclosed that “[g]iven the additional time and investment required to develop and reintroduce an enhanced delivery system, the company has chosen to retire the entire LOTUS product platform immediately.” As a result of this disclosure, Boston Scientific shares declined from a closing price on November 16, 2020 of $38.03 per share, to close at $35.07 per share on November 17, 2020, a decline of $2.96 per share, or approximately 8%, on heavier than usual volume.Plaintiff seeks to recover damages on behalf of the proposed Class and is represented by Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com). Our firm, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey, has decades of experience in prosecuting investor class actions and actions involving violations of the Federal securities laws.If you have any questions about this Notice, the action, your rights, or your interests, or would like a copy of the complaint, please visit our website (www.kaplanfox.com) or e-mail attorneys Jeff Campisi (jcampisi@kaplanfox.com), or Larry King (lking@kaplanfox.com), or contact them by phone, regular mail, or fax: