NEW YORK, Sept. 28, 2005 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit in the United States District Court for the District of Massachusetts on behalf of shareholders who purchased or otherwise acquired the securities of Boston Scientific ("Boston Scientific" or the "Company") (NYSE:BSX) between March 31, 2003 through August 23, 2005, inclusive (the "Class Period").
The complaint alleges that during the Class Period, Boston Scientific and certain individual defendants violated provisions of the Securities and Exchange Act of 1934, causing its stock to trade at artificially inflated levels. 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. The complaint further alleges over $400 million sold in insider trading.
On August 23, 2005, based on the cumulative impact of three separate FDA Warning Letters, investors learned of the defendants' broad-based concealment of its broken quality program and the risks the Company faced. As a result, Boston Scientific's stock price dropped $1.23, or 4.5 percent to $25.92, on volume of 15.8 million shares -- nearly $19.89 or 43.4 percent from its Class Period high of $45.81 on April 5, 2004.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than 15 years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Patterson securities on any exchange between March 31, 2003 through August 23, 2005 and sustained damages, you may, no later than November 21, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi, Christopher S. Hinton, or Bradley P. Dyer of Murray, Frank & Sailer LLP.