WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP IS INVESTIGATING POTENTIAL SECURITIES CLAIMS AGAINST INTEGRA LIFESCIENCES HOLDINGS CORP. ON BEHALF OF INTEGRA STOCKHOLDERS
NEW YORK, June 10, 2023
NEW YORK, June 10, 2023 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") is investigating potential claims against Integra LifeSciences Holdings Corp. ("Integra" or the "Company") (NASDAQ: IART) on behalf of Integra stockholders.
All investors who purchased shares and incurred losses are advised to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the potential action on our website, www.whafh.com.
Integra is a global leader in regenerative tissue technologies and neurological solutions dedicated to limiting uncertainty for clinicians so they can focus on providing the best patient care. Integra products are sold in more than 130 countries through a direct salesforce, as well as distributors and wholesalers. The Company manufactures and sells medical technologies and products.
On March 7, 2019, a subsidiary of the Company received a Warning Letter from the FDA regarding the Company's manufacturing facility located in Boston, Massachusetts. According to disclosures regarding the Warning Letter, which appeared in the Company's Forms 10-K, the letter relates to quality systems issues at the manufacturing facility. The Company warned that "[w]e cannot, however, give any assurance that the FDA will be satisfied with our response to the Warning Letter or as to the expected date of the resolution of the matters included in the letter. Until the issues cited in the letter are resolved to the FDA's satisfaction, the FDA may initiate additional regulatory action without further notice … Any adverse regulatory action, depending on its magnitude, may restrict us from effectively manufacturing, marketing and selling our products and could have a material adverse effect on our business, financial condition and results of operations."
On May 23, 2023, Integra filed a Form 8-K with the SEC, which disclosed that the Company, after consultation with the FDA, initiated a voluntary global recall of all products manufactured in its Boston, Massachusetts facility distributed between March 1, 2018 and May 22, 2023. The Company explained that it expects the voluntary recall and manufacturing stoppage to have the greatest impact on the Tissue Technologies segment, including Private Label, and has revised guidance. The Company added that there was substantial uncertainty with the voluntary recall, but if the manufacturing stoppage continued through the remainder of 2023, the Company estimated full-year revenue and adjusted earnings per share guidance provided during the Company's earnings announcement would be negatively affected by approximately $60M and $0.35 per share.
On this news, the Company's stock price declined from a close of $50.72 per share on May 22, 2023, down to $40.48 per share and has continued downward thereafter.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at firstname.lastname@example.org.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: email@example.com, firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP