SAN FRANCISCO, CA – (September 28, 2023) – National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Integra LifeSciences Holdings Corporation (“Integra” or the “Company”) (NASDAQ: IART) who suffered losses from purchasing or otherwise acquiring common stock of Integra between March 11, 2019 and May 22, 2023 to contact us immediately regarding a pending securities fraud class action against Integra. The deadline to apply to be lead plaintiff is November 13, 2023.
Class Period: March 11, 2019 – May 22, 2023
Lead Plaintiff Motion Deadline: November 13, 2023
Case information: lieffcabraser.com/securities/integra
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Integra is a medical device company focused on complex wound surgery. One of the Company’s principal wound care products is SurgiMend, which is produced at its Boston manufacturing plant (“Boston Facility”).
From 2018 to 2021, the FDA issued various warnings to Integra that the Boston Facility was “not in conformity with the current good manufacturing practice requirements of the Quality System Regulation.” Critically, the FDA found that the Company had not adequately tested for the presence of endotoxins in the Boston Facility.
The securities class action alleges that, throughout the Class Period, Integra made false and/or misleading statements and failed to disclose that: (1) the Company did not adequately address the violations identified by the FDA from 2018 to 2021, contrary to its claims that it was making improvements to remediate the violations; (2) as a result, all products manufactured in the Boston Facility since March 2018 were potentially contaminated with endotoxins; and (3) Integra was unlikely to obtain premarket approval for SurgiMend in the near future, as the Boston Facility had to be shut down to address the endotoxin issue.
On April 26, 2023, Integra announced that it was pausing all production at the Boston Facility and disclosed declining operating margins for the quarter and flat revenue growth projections attributable to the manufacturing stoppage. On this news, the price of the Company’s common stock declined by $4.64 per share, or 7.89%, from a closing price of $58.84 per share on April 25, 2023, to close at $54.20 per share on April 26, 2023, on elevated trading volume.
On May 23, 2023, Integra announced it was recalling all products manufactured at the Boston Facility between March 1, 2018 to May 22, 2023. Integra explained that it had determined that the Boston Facility failed to comply with good manufacturing practices in testing for bacterial endotoxin and allowed the release of products with unsafe levels of endotoxins. The Company also extended the pause on production at the Boston Facility. On this news, the price of Integra common stock declined by $10.24 per share, or 20.19%, from a closing price of $50.72 per share on May 22, 2023, to close at $40.48 per share on May 23, 2023, on extremely high trading volume.
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Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
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