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Integra LifeSciences Holdings Corporation (IART) Boston Recall Case
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D. New JerseyCourt
- In May 2023, Integra paused production and recalled all products made at the Boston Facility.
- $IART fell 20% and lost over $830 million of market cap.
- Shareholders suspect Integra of multiple misleadings, that consequently led to investment losses.
On May 23, 2023, Integra LifeSciences Holdings Corporation (IART) announced that it was recalling all products made at the Boston Facility between March 1, 2018 and May 22, 2023. The recalled products included SurgiMend, PriMatrix, Revize, and TissueMend.
- Integra explained that it had determined that the Boston Facility deviated from good manufacturing practices in testing for bacterial endotoxins and allowed the release of products with higher levels of endotoxins.
- As a result of the recall and manufacturing shutdown, Integra revised its guidance for Q2 2023, lowering its revenue expectations by 6% and adjusted earnings per diluted share by 26%. The Company further disclosed that it expected to take a $22 million impairment charge in Q2 2023 due to the inventory write-off.
- Earlier, on April 26, 2023, the Company revealed that it had paused production at the Boston Facility.
On this news, $IART fell 20% and lost over $830 million of its market capitalization, damaging shareholders.
Since 2018, Integra has received multiple warnings from the FDA that its Boston Facility is not in conformity with the good manufacturing practice requirements of the Quality System Regulation. However, the Company assured investors that they had “undertaken significant efforts” and were working closely with the FDA to remediate the violations in the Boston Facility identified by the FDA, saying that “there are no patient safety issues” in the Boston Facility.
Considering all representations, Investors have reasons to suspect Integra and its Accountables for multiple misleading statements and failing to disclose real manufacturing issues at the Boston Facility.
Failure to Disclose,
Shock Event Date
23 May 2023
12 September 2023
Lead Plaintiff Deadline
11 November 2023
15 September 2023
- A Florida pension fund has initiated a potential class action against Integra LifeSciences Holding Corporation.
- They assert that $IART and its leadership provided false information to the public regarding their handling of quality control and manufacturing problems at their Boston factory.
- This ultimately resulted in the $IART price decline when the announcement of a recall for all products from that facility was made.