NEW YORK, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating potential claims against Boston Scientific Corporation (“BSX” or the “Company”) (NYSE:BSX) for violations of the federal securities laws.
BSX’s Lotus Edge is a transcatheter aortic value replacement (TAVR). A TAVR is a medical device to treat patients with aortic value stenosis, which occurs when the heart’s aortic valve thickens and calcifies, preventing the valve from opening fully, which limits blood flow from the heart to the rest of the body. The FDA approved the Lotus Edge in April 2019 for patients with severe aortic stenosis, while clinical trials were run in 2020 for patients with intermediate risk.
On November 17, 2020, before the market opened, BSX announced “it initiated a global, voluntary recall of all unused inventory of the LOTUS Edge™ Aortic Valve System due to complexities associated with the product delivery system.” Further, the Company 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. All related commercial, clinical, research & development and manufacturing activities will also cease.” BSX’s stated that its decision
“is expected to result in estimated total pre-tax GAAP charges of approximately $225 million to $300 million due to inventory, fixed asset, intangible asset and certain other exit charges and approximately $100 million to $150 million of these charges will impact the company's adjusted results.”
On November 17, 2020, BSX shares declined from a closing price on November 16, 2020 of $38.03 per share, to close at $35.07 per share, a decline of $2.96 per share or approximately 8%, on heavier than usual volume.
If you purchased shares of BSX and would like to discuss our investigation, please contact us by emailing jcampisi@kaplanfox.com or by calling 212-329-8571.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has decades of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about your rights or interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 329-8571
(212) 687-1980
Fax: (212) 687-7714
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com