This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NuVasive, Inc. Sued By Investor

SAN DIEGO, Sept. 3, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP announce that an investor of NuVasive, Inc. (NASDAQ: NUVA) ("NuVasive") has filed a complaint in the U.S. District Court for the Southern District of California.  The complaint alleges that the company and certain of its officers violated the Securities Exchange Act of 1934 between October 22, 2008 and July 30, 2013 (the "Class Period").  NuVasive designs, develops, and markets minimally disruptive surgical products and procedurally integrated solutions for the spine.

(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

NuVasive Accused of Making False and Misleading Statements

According to the complaint, certain NuVasive officers made false and misleading statements and failed to disclose information regarding the company's operation, and business prospects.  Specifically, the complaint alleges that, throughout the Class Period, the company and certain of its officers disseminated false and misleading statements and/or failed to disclose that company failed to maintain an effective compliance program as set forth by the U.S. Department of Health and Human Services ("HHS").  Further, because the company lacked an effective compliance program, NuVasive failed to detect that the company had been violating the False Claims Act by submitting false claims to Medicare and Medicaid.  As a result of the foregoing, NuVasive shares traded at artificially inflated prices during the Class Period.

NuVasive Stock Drops on News of HHS Investigation

On July 30, 2013, according to the complaint, NuVasive disclosed in a regulatory filing that the company was being investigated by the HHS and had received a subpoena requesting documents for the period January 2007 through April 2013.  The subpoenaed documents relate to the agency's investigation into possible false claims submitted by NuVasive to Medicare and Medicaid.  On this news, NuVasive shares dropped 12%, or $3.28 per share, to close at $22.84 on July 31, 2013.

If you invested in NuVasive and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder information form  on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law.  The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.  For more information, please go to http://www.robbinsarroyo.com.

Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/nuvasive-inc/

Attorney Advertising. Past results do not guarantee a similar outcome.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs