NEW YORK, Oct. 20, 2023 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired Integra LifeSciences Holdings Corporation (“Integra” or the “Company”) (NASDAQ: IART) securities during the period from March 11, 2019 through May 22, 2023 (the “Class Period”). Investors have until November 13, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On April 26, 2023, Integra announced that it had paused production on the Company’s manufacturing plant in Boston, Massachusetts, where it produces several medical devices, including SurgiMend, PriMatrix, Revize, and TissueMend. Integra also disclosed declining operating margins for the second quarter of 2023 and flat revenue growth projections, which the Company attributed to the manufacturing stoppage. On this news, the price of Integra shares declined by $4.64 per share, or approximately 7.89%, from $58.84 per share to close at $54.20 on April 26, 2023.
On May 23, 2023, Integra announced a recall of all products manufactured at the Company’s Boston facility between March 1, 2018 and May 22, 2023. The Company explained that it had determined that the Boston facility deviated from good manufacturing practices in testing for bacterial endotoxin and allowed the release of products with unsafe levels of endotoxins. As a result of the recall and manufacturing shutdown, Integra revised its guidance for the second quarter of 2023, lowering its revenue expectations and adjusted earnings per diluted share. On this news, the price of Integra shares declined by $10.24 per share, or approximately 20.2%, from $50.72 per share to close at $40.48 on May 23, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Integra had not adequately addressed the violations at the Boston facility previously identified by the FDA; (ii) SurgiMend was unlikely to meet the FDA’s rigorous testing and review standards; and (iii) the severity of the issues with the FDA’s inspection of the Boston facility and SurgiMend production.
If you purchased or otherwise acquired Integra securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: https://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
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