NEW YORK (TheStreet) -- Boston Scientific (BSX) shares are down 0.53% to $13.21 on Monday, the first day of federal trials over claims that its transvaginal mesh device caused injuries to women across the country.
The company's Obtryx and Pinnacle devices, which are used to treat stress urinary incontinence and pelvic organ prolapse respectively, are under scrutiny in two different trials today as four women from West Virginia and a woman in Miami are the first plaintiffs, of over 23,000 who have sued the company over the faulty devices, to go to trial.
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The plaintiffs in the trials say that the devices were poorly designed and used substandard material causing infections, bleeding and nerve damage to the women who used them.
Boston Scientific along with Johnson & Johnson (JNJ) and C.R. Bard (BCR) face over 72,000 claims related to the devices in what has become one of the largest civil cases over a medical device in history.
TheStreet Ratings team rates BOSTON SCIENTIFIC CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate BOSTON SCIENTIFIC CORP (BSX) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income and increase in stock price during the past year. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."