HARTFORD, Conn., Sept. 22, 2005 (PRIMEZONE) -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Massachusetts on behalf of all persons who purchased the securities of Boston Scientific Corporation (NYSE:BSX) ("the Company") between March 31, 2003 and August 23, 2005 (the "Class Period"). Also included are all those who acquired Boston Scientific through its acquisitions of Rubicon Medical, CorAutus, Precision Vascular, Advanced Bionics, CryoVascular Systems, and TriVascular.
Schatz & Nobel, P.C. also has substantial experience representing employees who suffered losses from the purchase of their employer's stock in their 401 (k) plans. If you bought Boston Scientific through your Boston Scientific retirement account and have information or would like to learn more about these claims, please contact us.
The Complaint alleges that Boston Scientific, a company that engages in the development and marketing of cardiovascular and endosurgery medical device products, violated federal securities laws by issuing false and misleading statements. Specifically, the Complaint alleges that 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 as to the Company's knowledge and expertise regarding design, development, marketing approval, and sales of its medical devices.
On August 23, 2005, based on the cumulative impact of three separate FDA warning letters, investors learned of defendants' broad-based concealment of its broken quality program and the risks the Company faced. As a result, Boston Scientific's stock price fell 4.5 percent to $25.92. During the Class Period, shares of Boston Scientific traded as high as $45.81 on April 5, 2004. While the Company's stock was trading at artificially inflated prices, insiders sold over $400 million worth of their personal holdings.
If you are a member of the class, you may, no later than November 21, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz & Nobel has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.