Law Offices of Howard G. Smith reminds investors of the upcoming November 13, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Integra LifeSciences Holdings Corporation (“Integra” or the “Company”) (NASDAQ: IART) common stock between March 11, 2019 and May 22, 2023, inclusive (the “Class Period”).
Investors suffering losses on their Integra investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On April 26, 2023, Integra announced that it had paused production at its Boston Facility and disclosed declining operation margins for the quarter and flat revenue growth projections, which the Company attributed to the manufacturing pause. On this news, Integra’s stock price fell $4.64, or 7.9%, to close at $54.20 per share on April 26, 2023, thereby injuring investors.
Then, on May 23, 2023, Integra disclosed that it had initiated a recall of its SurgiMed, PriMatrix, Revize, and TissueMend products manufactured at its Boston facility as far back as March 1, 2018. The Company attributed the recall to a finding that products may have been distributed with higher levels of endotoxins than permitted by the product specifications. As a result, the Company expects to write off approximately $22 million in inventory. On this news, Integra’s stock price fell $10.24, or 20.2%, to close at $40.48 per share on May 23, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Integra had failed to take sufficient measures to remediate the violations identified by the FDA in the 2018 Form 483, 2019 Warning Letter, and the 2021 Form 483; (2) As a result of those deficiencies, since March 2018, all products manufactured in the Boston Facility had the potential for higher-than-permitted levels of endotoxin and would need to be recalled; (3) The Company was not making progress towards obtaining its PMA indication for SurgiMend, in part, because the manufacturing site that would produce the PMA product, the Boston Facility, was in continued violation of the FDA standards that Integra failed to rectify years after the initial notice of the violations and as a result the facility had to be shutdown to correct those ongoing deficiencies; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Integra common stock during the Class Period, you may move the Court no later than November 13, 2023 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.