SAN DIEGO, CA / ACCESSWIRE / April 24, 2017 / The Shareholders Foundation, Inc. announces that a lawsuit was filed by a current investor in NASDAQ: NUVA shares against certain directors of NuVasive, Inc.
Investors who purchased shares of NuVasive, Inc. (NASDAQ: NUVA) in 2008 or earlier and continue to hold any (NASDAQ:NUVA) shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On July 30, 2013, NuVasive, Inc. reported its second quarter 2013 financial results. Among other things, NuVasive, Inc. said that during the three months ended June 30, 2013, the Company received a federal administrative subpoena from the Office of the Inspector General of the U.S. Department of Health and Human Services ("OIG") in connection with an investigation into possible false or otherwise improper claims submitted to Medicare and Medicaid. NuVasive, Inc. said that the subpoena seeks discovery of documents for the period January 2007 through April 2013.
On July 30, 2015, the United States Department of Justice ("DOJ") announced that NuVasive, Inc had entered into a definitive agreement to pay the United States $13.5 million, plus fees, to resolve allegations that the Company caused false claims to be submitted to Medicare and other federal health care programs by marketing the CoRoent System for surgical uses not approved by the Food and Drug Administration ("FDA") and by paying kickbacks to induce physicians to use the Company's products, including the CoRoent System.
On September 28, 2016, a lawsuit was filed against certain directors of NuVasive over alleged breaches of fiduciary duties. The plaintiff claimed that the defendants made false and/or misleading statements and/or failed to disclose that the Company employed kickbacks, in the form of gifts, entertainment, improper commissions and consulting fees, and other remuneration, in order to induce physicians to use its products and services and to encourage other doctors to do the same in violation of federal and state laws and regulations, that the Company promoted its products and services, and trained physicians in surgical uses of its products and services, which were not approved and/or not cleared by the FDA, that the Company used improper sales and billing practices to sustain revenues related to its monitoring business and eXtreme Lateral Interbody Fusion ("XLIF") procedure, including by submitting false or otherwise improper claims to Medicare and Medicaid, that the Company taught its customers how to code NuVasive products and procedures in order to take advantage of loopholes and maximize reimbursement by third party payers, including Medicare and Medicaid, and that the Company's earnings and revenues were earned, in part, as a result of violations of healthcare fraud and abuse laws.
Those who purchased NuVasive, Inc. (NASDAQ: NUVA) in 2008 or earlier and continue to hold any (NASDAQ: NUVA) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.
ReleaseID: 460360
