Open for Claims

Boston Scientific $38,500,000 Securities Litigation Settlement

Individuals or entities who purchased or otherwise acquired Boston Scientific Corporation common stock between September 16, 2020, and November 16, 2020, and suffered damages, may be eligible to claim a portion of a $38,500,000 settlement fund.

Boston Scientific $38,500,000 Securities Litigation Settlement
Updated on
Published on

Settlement Terms

  • Status:
    Open for Claims
  • Award:
    Varies
  • Is Proof Required?
    Yes
  • Claim Deadline:
    May 28, 2024
    Not Set
  • Days Left to File Claim:
    5
  • Settlement Amount:
    $38,500,000
  • Final Approval:
Settlement summaries by Claim Depot are written for people who might be eligible to claim class action settlement awards. Our goal is to provide the reader all relevant information about the settlement so they can claim their lawsuit funds. Claim Depot uses artificial intelligence (AI) to extract data from the vast amounts of text on the Official Settlement Website and in the court documents. Then, our writers, who are licensed attorneys, write the summary in plain English so the greater public can better understand their rights.

If you acquired Boston Scientific Corporation common stock between September 16, 2020, and November 16, 2020, you may be entitled to a portion of a class action settlement. This settlement resolves allegations that Boston Scientific and certain executives made false and misleading statements about the company's Lotus Edge medical device, which purportedly inflated the company's stock price. The settlement fund is a substantial $38,500,000, and eligible claimants will need to act by a specified deadline to benefit from it.

Who Benefits?: Individuals and entities who purchased or otherwise acquired Boston Scientific common stock during the specified period and suffered damages as a result.

How much can I get?: The compensation for each claimant will vary based on factors such as the number of shares purchased and the timing of the transactions.

Important Dates

  • Fairness Hearing: A Settlement Hearing is scheduled for April 23, 2024, at 9:00 A.M., where the court will consider the settlement's fairness.
  • Deadline to File a Claim: Claim Forms must be postmarked or submitted online by May 28, 2024.

Who is Eligible for the Boston Scientific Settlement?

The Settlement Class is defined as all persons or entities who purchased or otherwise acquired Boston Scientific common stock during the period from September 16, 2020, through November 16, 2020, inclusive, and were damaged thereby.

  • Class Members must have suffered damages due to the alleged securities law violations.
  • Defendants, their immediate family members, officers, directors of Boston Scientific during the Class Period, and their legal representatives, heirs, successors-in-interest, or assigns are excluded from the Settlement Class.

Understanding the Settlement Compensation

The Settlement provides a $38,500,000 fund to compensate eligible Class Members. The distribution of the Net Settlement Fund will be determined by the Plan of Allocation, which is subject to Court approval.

  • Tier 1: For claimants who purchased stock at the beginning of the Class Period.
  • Tier 2: For claimants who purchased stock at other times during the Class Period.

The Medical Device at the Center of the Settlement

The settlement addresses claims related to Boston Scientific's Lotus Edge medical device. The allegations suggest that the company made false and misleading statements about the device's safety and financial impact, which influenced the stock price.

  • The Lotus Edge medical device.
  • Executives' statements regarding the device's safety and revenue potential.

Is Proof Required to Claim the Reward?

Yes, claimants must provide documentation to substantiate their transactions in Boston Scientific common stock during the Class Period to claim a reward.

How to Claim Your Award

To claim your award, you must submit a completed Claim Form, along with the necessary supporting documentation, by the May 28, 2024 deadline. Claim Forms can be submitted online at Boston Scientific Securities Litigation Claim Form.

Analyzing the Settlement Fund

The $38,500,000 Settlement Fund is the result of negotiations to resolve the claims against Boston Scientific and certain executives. The fund will be used to compensate eligible Class Members who file valid claims, after deductions for Court-approved fees and expenses.

Why Settle the Class Action?

The settlement provides a way for many individuals to resolve common legal grievances without each investor needing to file an individual lawsuit. It avoids the costs, risks, and delays associated with continued litigation and is not an admission of wrongdoing by Boston Scientific or the Individual Defendants.

Case Facts

  • Case Number:
    1:20-cv-12225-ADB
  • Filing Date:
  • Jurisdiction:
  • State:
  • Court:
  • Plaintiff:
  • Defendant:
    Boston Scientific Corporation
  • Plaintiff Firm:
    Bernstein Litowitz Berger & Grossmann LLP
  • Claims Admin:
    JND Legal Administration P.O. Box 91477 Seattle, WA 98111 877-595-0084 info@BostonScientificSecuritiesLitigation.com
  • Defendant Firm:
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Will Gendron
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Settlement Agreement

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Settlement Agreement

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