Milberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of purchasers of NuVasive, Inc. (“NuVasive” or the “Company”) (NASDAQ:NUVA) common stock during the period between October 22, 2008 and July 30, 2013, (the "Class Period").
The lawsuit claims NuVasive and certain of its officers and directors (“Defendants”) violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants submitted false claims to Medicare and Medicaid and that NuVasive’s internal compliance program was unable to identify and flag False Claims Act violations.
On July 30, 2013, NuVasive announced 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.”
In reaction to the news, NuVasive shares declined $3.28 per share, or over 12%, to close at $22.84 per share on July 31, 2013.
If you purchased NuVasive common stock during the Class Period you may, no later than October 28, 2013, request that the Court appoint you lead plaintiff. A lead plaintiff is a class member that directs the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaints in these actions were not filed by Milberg.