Gibbs Law Group LLP announces that a class action lawsuit has been filed on behalf of purchasers of NuVasive, Inc. (“NuVasive” or the “Company”) (NASD: NUVA) stock between October 22, 2008 and July 30, 2013, inclusive, seeking to recover damages for alleged violations of the federal securities laws. 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.
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.
On August 1, 2013, a class action lawsuit was filed in the United States District Court for the Southern District of California on behalf of a class comprising all purchasers of NuVasive securities between October 22, 2008 and July 30, 2013, inclusive. 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.
If you are a member of the Class described above, and you must meet certain legal requirements, you may move the Court no later than October 28, 2013 to serve as lead plaintiff. Your ability to remain a member of the Class does not require that you take any action at this time. You may retain counsel of your choice or take no action and remain an absent member of the Class.
If you would like to discuss your rights or interests regarding this class action, please contact Gibbs Law Group securities fraud lawyer John A. Kehoe at (212) 798-0159.