Pomerantz LLP has been appointed Lead Counsel in the class action lawsuit against NuVasive, Inc. (“NuVasive” or the “Company”) (NASDAQ: NUVA) and certain of its officers.
On February 1, 2018, defendants' motions to strike, for summary judgment and a Daubert motion to exclude testimony of Dr. Nye were both denied by the court.
The class action, filed in United States District Court, Southern District of California, and docketed under 13-cv-02005-W-WMC, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of NuVasive between October 22, 2008 and July 30, 2013 both dates inclusive (the “Class Period”). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
NuVasive designs, develops, and markets products for the surgical treatment of spine disorders. The Company’s products include Maximum Access Surgery (“MAS”) and Fusion products.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly submitted false claims to Medicare and Medicaid in violation of federal and state laws and regulations; (2) the Company’s internal compliance program was unable to detect and report False Claims Act and other violations; and (3) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
On July 30, 2013, the Company disclosed in its Form 10-Q for its second quarter 2013 that it had “received a federal administrative subpoena from the Office of the Inspector General of the U.S. Department of Health and Human Services (OIG) in connection with an investigation into possible false or otherwise improper claims submitted to Medicare and Medicaid. The subpoena seeks discovery of documents for the period January 2007 through April 2013. On this news, shares of NuVasive declined $3.28 per share, more than 12%, to close at $22.84 per share on July 31, 2013.