SAN DIEGO, Sept. 3, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of NuVasive, Inc. (Nasdaq:NUVA) common stock over alleged violations of Federal Securities Laws by NuVasive, Inc. in connection with certain allegedly false and misleading statements made between October 22, 2008 and July 30, 2013.
Investors who purchased shares of NuVasive, Inc. (NUVA) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of NuVasive, Inc. (NUVA) between October 22, 2008 and July 30, 2013, that NuVasive, Inc. and certain of its officers and directors violated the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the plaintiff alleges that the defendants made allegedly false and/or misleading statements and/or failed to disclose that NuVasive, Inc. improperly submitted false claims to Medicare and Medicaid in violation of federal and state laws and regulations, that NuVasive, Inc's internal compliance program was unable to detect and report False Claims Act and other violations, and that as a result of the foregoing, NuVasive, Inc's statements were materially false and misleading at all relevant times.
On July 30, 2013, NuVasive, Inc. reported its second quarter 2013 financial results. Among other things, NuVasive, Inc. said that during the three months ended June 30, 2013, the Company received a federal administrative subpoena from the Office of the Inspector General of the U.S. Department of Health and Human Services in connection with an investigation into possible false or otherwise improper claims submitted to Medicare and Medicaid. NuVasive, Inc. said that the subpoena seeks discovery of documents for the period January 2007 through April 2013.
Shares of NuVasive, Inc. (NUVA) declined from over $27 per share in late July 2013 to as low as $22.52 per share on August 1, 2013.
The plaintiff seeks to recover damages.
Those who purchased shares of NuVasive, Inc. (NUVA) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.