Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired common stock of Integra LifeSciences Holdings Corporation (“Integra” or the “Company”) (NASDAQ: IART) between March 11, 2019 and May 22, 2023, inclusive (the “Class Period”).
If you purchased common stock of Integra during the Class Period, you may move the Court for appointment as lead plaintiff by no later than November 13, 2023.
A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Integra investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should complete the form below, text or email email@example.com, or call Lieff Cabraser partner Sharon M. Lee at 1-800-541-7358.
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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