Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, today advised investors of the Oct. 28, 2013, deadline to move to be a lead plaintiff in a securities class-action lawsuit filed against NuVasive, Inc. (NASDAQ:NUVA) (“NuVasive”), following the company’s disclosure of a federal administrative subpoena from the Office of the Inspector General (OIG) of the Department of Health and Human Services (DHHS). Investors are invited to inquire about their options with Hagens Berman attorneys by emailing NUVA@hbsslaw.com.
If you purchased NuVasive common stock between Oct. 22, 2008, and July 30, 2013 (the “Class Period”) and suffered significant financial losses, you may also contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000. You can submit information online at http://hb-securities.com/investigations/NUVA.
On July 30, 2013, NuVasive announced that it had received a subpoena from DHHS’ Office of the Inspector General relating to possible false Medicare and Medicaid claims. Following the announcement, the company’s stock price fell more than 10 percent.
Hagens Berman’s investigation centers on what NuVasive knew regarding improper Medicare and Medicaid claims before the July 30, 2013, announcement. In particular, the firm is investigating whether NuVasive or its officers had reason to believe that potential issues could have a significant material impact on the company’s financial condition.“DHHS’ investigation includes a request for documents going back to early 2007,” said Mr. Kathrein. “Our concern is that NuVasive may have been aware of issues very early, and only just recently has been caught. If so, we believe the company is responsible for the losses of shareholders following the disclosure of the probe.” Persons with non-public information may want to consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.