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Case ID: 4441 | Stocks | 09/28/2005
A class action has been filed against Boston Scientific Corporation (BSX), certain of its officers and directors by stockholders who purchased the company's common stock between March 31, 2003 and August 23, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
According to a press release dated September 21, 2005, the complaint alleges that during the Class Period, Boston Scientific, a company that engages in the development and marketing of cardiovascular and endosurgery medical device products, and certain individual defendants violated provisions of the Securities and Exchange Act of 1934, causing its stock to trade at artificially inflated levels. 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. The complaint further alleges over $400 million sold in insider trading. The complaint further alleges that on or around 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. If you bought Boston Scientific Corporation securities between March 31, 2003 and August 23, 2005, inclusive, and would like to obtain information about the Boston Scientific Corporation lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against Electronic Arts Inc. (EA), (NasdaqNM:ERTS), certain of its officers and directors by stockholders who purchased the company's common stock between January 25, 2005 and March 21, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against OfficeMax, Inc. (NYSE:OMX), certain of its officers and directors by stockholders who purchased the company's common stock between January 22, 2004 and January 11, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. According to a law firm press release, a class action was filed in connection with Fifth Third's acquisition of First Charter on June 6, 2008, and on behalf of shareholders of First Charter as of November 26, 2007 and were solicited to vote on this acquisition.
Several class actions have been filed against Russian petroleum producer Yukos Oil Company (OTC BB:YUKOF.PK; OTC BB:YUKOY.PK; Russia:YUKO) and certain of its officers and directors by stockholders who purchased the company's common stock between February 13, 2003, and October 25, 2003. The actions claim that the defendants violated federal securities laws by failing to disclose that they were using questionable tax schemes to minimize corporate and business taxes owed to the Russian government over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against Pixar (PIXR), certain of its officers and directors by stockholders who purchased the company's common stock between January 18, 2005 and June 30, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. According to a law firm press release dated June 12, 2008 a class action has been commenced on behalf of an institutional investor on behalf of U.S. citizens who purchased the publicly traded stock of European Aeronautic Defence & Space Co. ("EADS" or the "Company") on the Frankfurt (Frankfurt: EAD.F), Madrid (Mercado Continuo: EAD.MC) and/or Paris (Paris: EAD.PA) stock exchanges.
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