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Boston Scientific Corporation

Company NameBoston Scientific Corporation
Stock SymbolBSX
Class PeriodApril 24, 2019 to November 16, 2020
Lead Plaintiff Motion DeadlineFebruary 02, 2021

On November 17, 2020, Boston Scientific announced a worldwide recall of all unused inventory of the LOTUS Edge Aortic Valve System, a transcatheter aortic valve replacement product which had been approved by the U.S. Food and Drug Administration (“FDA”) in April 2019. Citing "complexities associated with the product delivery system" and the “additional time and investment required to develop and reintroduce an enhanced delivery system,” the Company stated that it had "chosen to retire the entire LOTUS product platform immediately."

On this news, Boston Scientific's stock price fell $3.00 per share, or approximately 8%, to close at $35.03 per share on November 17, 2020, thereby injuring investors.

 

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