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IART.US
id: 820

Integra LifeSciences Holdings Corporation (IART) Boston Recall Case

D. New Jersey
Court
3:23-cv-20321
Case number
11 Mar 2019
Class period Start
22 May 2023
Class period End
11 Nov 2023
Lead Plaintiff motion deadline
  • 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.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Failure to Disclose
Negligence
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
23 May 2023
Filing date
12 September 2023
Lead Plaintiff Deadline
11 November 2023
Collecting participants…

Integra LifeSciences Holdings

Integra LifeSciences Holdings Corporation manufactures and sells surgical instruments, neurosurgical products, and wound care products for use in neurosurgery, neurocritical care, and otolaryngolog...

    Ticker
    IART.US
    ISIN
    US4579852082
    CIK
    917520
    Sector
    Healthcare
    Industry
    Medical Devices
    Country
    USA
    Address
    1100 Campus Road, Princeton, NJ, United States, 08540