Integra LifeSciences Holdings Corporation Common Stock (NASDAQ: IART)
45 Days left to seek lead plaintiff status.
The Complaint alleges that during the Class Period, the Company repeatedly touted that it was on track to grow SurgiMend’s addressable market by obtaining FDA approval for use in post-mastectomy reconstruction, and that these misrepresentations caused the price of Integra common stock to trade at artificially inflated prices throughout the Class Period. On May 23, 2023, the Company disclosed that it was recalling all medical device products made at its Boston Facility between March 1, 2018 and May 22, 2023 due to a deviation from good manufacturing practices in testing for bacterial endotoxin and the release of products with higher levels of endotoxins, as well as an extended halt on production. As a result, the Company lowered its 2Q 2023 revenue guidance by 6% and adjusted earnings per diluted share by 26% and disclosed an expected $22 million impairment charge due to the inventory write-off. On this news, shares of Integra plummeted $10.24 per share, or 20%, from a closing price of $50.72 per share on May 22, 2023, to a closing price of $40.48 per share on May 23, 2023.