Colchester, Conn. (PRWEB) September 22, 2005
Scott+Scott, LLC (http://www.scott-scott.com) represents investors in a securities class action filed today in the United States District Court for the District of Massachusetts (Case Number 05-cv-11912-JLT) against Boston Scientific Corporation ("Boston Scientific") (NYSE: BSX). Boston Scientific securities purchasers between March 31, 2003 and August 23, 2005, inclusive (the "Class Period") are putative class members. Boston Scientific engages in the development and marketing of cardiovascular and endosurgery medical device products.
If you purchased Boston Scientific securities during the Class Period and would like to speak with an attorney, please contact Scott + Scott. If you wish to discuss this action or have questions concerning this notice or your rights as a class member or other services that this firm provides to its clients as a courtesy, please contact Scott+Scott for more information. Scott+Scott will provide class members with case materials, answer all questions regarding participation and rights and assist with other services the firm provides. There is no cost or fee to you. Contact Scott+Scott partner Neil Rothstein (800/332-2259, ext. 22 or cell 619/251-0887) or attorney Amy K. Saba (800/332-2259, ext. 26).
The complaint filed yesterday 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 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% to $25.92, on volume of 15.8 million shares -- nearly $19.89 or 43.4% from its Class Period high of $45.81 on April 5, 2004.
Plaintiff seeks to recover damages on behalf of all purchasers of Boston Scientific securities during the Class Period. The plaintiff is represented by Scott+Scott, which has expertise in prosecuting investor class actions.
Scott+Scott, LLC litigates cases throughout the nation. The firm dedicates itself to client communication and satisfaction and currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, charities, foundations, individuals and other entities worldwide.
Other cases coming upon 60 days, being litigated or under investigation by the firm include:
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Neil Rothstein, Esq.
Scott + Scott, LLC
401 B Street Suite 307
San Diego, CA 92101