Integra LifeSciences Holdings Corporation
Lead Plaintiff Deadline 11/13/2023
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.
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.