NEW ORLEANS, Nov. 3, 2023 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until November 13, 2023 to file lead plaintiff applications in a securities class action lawsuit against Integra LifeSciences Holdings Corporation (NasdaqGS: IART), if they purchased the Company’s shares between March 11, 2019 and May 22, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of New Jersey.
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Integra investors should visit us at https://claimsfiler.com/cases/nasdaq-iart/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Integra and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
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.
The case is Pembroke Pines Firefighters & Police Officers Pension Fund v. Integra LifeSciences Holdings Corporation, No. 23-cv-20321.
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