Glancy Prongay & Murray LLP (GPM) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Nevro Corp. (Nevro or the Company) (NYSE: NVRO) securities between January 8, 2018 and July 12, 2018, inclusive (the Class Period). Nevro investors have until October 22, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
In April 2017, Boston Scientific Corp. filed an action against Nevro, asserting claims of patent infringement, theft of trade secrets and tortious interference with contract by recruiting and hiring dozens of former Boston Scientific Corp. employees.
Then, on July 10, 2018, various analysts reported on a tentative ruling in Nevro’s ongoing patent litigation against Boston Scientific. The tentative ruling invalidated at least five of the patents related to Nevro’s purportedly “proprietary” HF10 therapy and Senza systems. On this news, Nevros share price fell $11.43 per share, or 15.15%, to close at $64.04 on July 10, 2018, thereby injuring investors.
The complaint filed in this class action alleges that the Company made materially false and/or misleading statements during the class period and/or failed to disclose that: (1) Nevro had engaged in a fraudulent scheme by using protected confidential and proprietary trade secrets and stolen documents from its competitors to develop and enhance the Company’s Senza I and Senza II systems; (2) as a result, Nevro’s Senza I and Senza II systems were not “novel” or “proprietary;” (3) these practices caused Nevro to be vulnerable to increased litigation expenses and adverse legal and regulatory action; (4) as a result, Nevro’s U.S. sales growth was not sustainable; and (5) consequently, defendants’ statements about Nevro’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
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If you purchased shares of Nevro during the Class Period you may move the Court no later than October 22, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.