Grabar Law Office Investigates Claims on Behalf of Shareholders of Integra Lifesciences Holdings Corporation (IART)

Philadelphia, Pennsylvania--(Newsfile Corp. - October 12, 2023) - A securities fraud class action complaint alleges that Integra LifeSciences Holdings Corporation (NASDAQ: IART), via certain of his officers and directors, repeatedly touted that it was on track to grow SurgiMend's 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.

Despite these claims, however, 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 paused 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.

Current Integra LifeSciences shareholders who have held IART shares since on or before March 11, 2019, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.

If you would like to learn more about this matter, you are encouraged to visit https://grabarlaw.com/intrga-lifesciences-shareholder-investigation/, contact Joshua H. Grabar at jgrabar@grabarlaw.com, or call 267-507-6085.

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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183744