LUMN - Lifshitz Law PLLC Announces Investigations of Integra LifeSciences Holdings Corporation (NASDAQ: IART) Enviva Inc. (NYSE: EVA) and DigitalOcean Holdings Inc. (NYSE: DOCN) and Lumen Technologies Inc. (NYSE: LUMN) | Benzinga
NEW YORK, Sept. 23, 2023 (GLOBE NEWSWIRE) --
Integra LifeSciences Holdings Corporation (NASDAQ:IART)
Lifshitz Law PLLC announces investigation into possible securities laws violations and/or breaches of fiduciary duties in connection with allegations that the Company repeatedly touted that it was on track to grow SurgiMend's addressable market by obtaining FDA approval for use in post-mastectomy reconstruction, and that these misrepresentations caused the price of Integra common stock to trade at artificially inflated prices throughout the Relevant Period. On May 23, 2023, the Company announced a "recall" of all products manufactured at the Boston Facility between March 1, 2018 and May 22, 2023. Integra explained that it had determined that the Boston Facility deviated from good manufacturing practices in testing for bacterial endotoxin and allowed the release of products with unsafe levels of endotoxins. The Company also extended the pause on all production at the Boston Facility. As a result of the recall and manufacturing shutdown, the Company revised its guidance for the second quarter of 2023, lowering its revenue expectations by 6% and adjusted earnings per diluted share by 26%. The Company further disclosed that it expected to take a $22 million impairment charge in the second quarter due to the inventory write-off. These disclosures caused the price of Integra stock to decline by an additional $10.24 per share, or 20%.
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