NEW YORK, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Nevro Corporation (“Nevro” or the “Company”) (NYSE: NVRO). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Nevro and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 27, 2018, it was reported that Boston Scientific Corp. (“Boston Scientific”) had filed an action against Nevro, asserting claims of patent infringement, theft of trade secrets, and tortious interference with contract, alleging that as early as 2009, Nevro had been recruiting and hiring dozens of former Boston Scientific employees and was using trade secrets contained in more than 34,000 documents stolen from Boston Scientific by those former employees to develop and improve Nevro’s Senza I and Senza II SCS systems. On this news, Nevro’s stock price fell $1.46 per share, or 1.61%, to close at $89.36 on April 30, 2018, the next trading day.
On May 7, 2018, Nevro reported first-quarter 2018 financial results that fell significantly short of estimates. The Company attributed the results to a 31% increase in quarterly operating expenses, driven primarily by legal expenses associated with Nevro’s patent infringement litigation with Boston Scientific. On this news, Nevro’s stock price fell $14.67 per share, or 15.9%, to close at $77.59 on May 8, 2018.
On July 10, 2018, multiple 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, Nevro’s stock price fell $11.43 per share, or 15.15%, to close at $64.04 on July 10, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.