SOURCE: Izard Nobel LLP

April 12, 2010 17:15 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Boston Scientific Corporation

WEST HARTFORD, CT--(Marketwire - April 12, 2010) -  The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Massachusetts on behalf of purchasers of the common stock of Boston Scientific Corporation ("BSX" or the "Company") (NYSE: BSX) between April 20, 2009 and March 12, 2010, inclusive (the "Class Period"). 

The Complaint charges that BSX and certain of its officers and executives violated federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) sales and demand for BSX's Cardiac Rhythm Management ("CRM") products had been materially inflated by the payment of illegal and improper inducements to health care professionals; (ii) a material portion of the Company's reported CRM revenues resulted from the sale of products which had been manufactured without required FDA approval; (iii) demand for the Company's CRM products had weakened due to the curtailment of illegal payments; and (iv) that there were defects in the headers of certain of the Company's implantable cardiac defibrillator ("ICD") products such that defendants' statements about CRM sales in general and sales of ICDs in particular were materially misleading.

On March 15, 2010, BSX announced that it was suspending sales and recalling all of its ICD and CRT-D devices because it had changed the manufacturing process for the devices without obtaining FDA approval.

If you are a member of the class, you may, no later than June 7, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/bostonscientific/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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