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Integra LifeSciences develops, manufactures, and markets surgical implants and medical instruments for neurosurgery, extremity reconstruction, orthopedics, and general surgery.
On January 5, 2012, after the close of market, Integra LifeSciences issued a press release announcing its fourth quarter and full year 2011 financial results wherein the Company announced that it received a warning letter from the United States Food and Drug Administration (“FDA”) related to quality systems and compliance issues at its collagen manufacturing facility located in Plainsboro, New Jersey. The letter resulted from an inspection held at that facility in August 2011. The Company also announced it expects total revenues in the fourth quarter to be approximately $202 million to $203 million. These fourth quarter 2011 revenues are approximately 3% below the low end of previously issued guidance. Integra LifeSciences stated that the revenue shortfall resulted from inventory reduction initiatives by its instruments distributors, weakness outside of the U.S., and weaker than expected sales of its domestic Extremity Reconstruction products.
This news caused Integra LifeSciences stock to fall approximately 20% on January 6, 2012 to close at $24.49 per share, down from its previous day’s close of $30.50 per share.
If you are an Integra LifeSciences shareholder, if you have information or would like to learn more about our investigation, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact
Timothy J. MacFall, Esquire or
Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates
securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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