NEW YORK, Sept. 9, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of California on behalf of all those who purchased securities of NuVasive, Inc. (NASDAQ: NUVA) ("NuVasive" or the "Company") between October 22, 2008 and July 30, 2013, inclusive (the "Class Period").
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.
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.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. Plaintiffs seek to recover damages on behalf of all Class members who invested in NuVasive securities during the Class Period. If you invested in NuVasive securities as described above during the Class Period, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than October 28, 2013. A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.