Philadelphia, Pennsylvania--(Newsfile Corp. - September 11, 2024) - Current Integra LifeSciences Holdings Corp. (NASDAQ: IART) shareholders who have held the stock since on or before March 11, 2019, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them. Learn more or join at: https://grabarlaw.com/the-latest/intrga-lifesciences-shareholder-investigation/.
Grabar Law Office is investigating whether the Board of Directors of Integra LifeSciences breached their fiduciary duties to shareholders.
WHY: A securities fraud class action complaint alleges that Integra, via certain of his officers and directors, repeatedly touted that it was on track to grow SurgiMend's market by obtaining FDA approval for use in post-mastectomy reconstruction, yet on May 23, 2023, the Company was forced to announce a "recall" of all products manufactured at its Boston Facility between March 1, 2018 and May 22, 2023. Integra LifeSciences explained that it had determined that the Boston Facility deviated from good manufacturing practices in testing for bacterial endotoxin and allowed the release of products with unsafe levels of endotoxins. As a result of the recall and manufacturing shutdown, the Company revised its guidance for the second quarter of 2023, lowering its revenue expectations by and disclosed that it expected to take a $22 million impairment due to the inventory write-off.
WHAT TO DO NOW: Current Integra LifeSciences shareholders who have held Integra LifeSciences shares since on or before March 11, 2019, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
If you would like to learn more about this matter, visit https://grabarlaw.com/the-latest/intrga-lifesciences-shareholder-investigation/, contact Joshua H. Grabar at jgrabar@grabarlaw.com, or call 267-507-6085.
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