NEW YORK, Sept. 6, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Nevro Corporation ("Nevro" or the "Company") (NYSE: NVRO). Investors who purchased Nevro common stock between January 8, 2018 and July 12, 2018 (the "Class Period") may be affected. A complaint has been filed in the United States District Court for the Northern District of California against Nevro and certain executives on behalf of investors that acquired Nevro common stock during the Class Period.
On April 27, 2017, reports emerged 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 recruited and hired dozens of former Boston Scientific employees, and then stole Boston Scientific's confidential, proprietary trade secrets to develop Nevro's Senza 1 and Senza II systems.
On May 7, 2018 after the market closed, Nevro reported first-quarter 2018 financial results that fell significantly short of estimates. According to the complaint, 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.
Following this news, Nevro's stock price fell $14.67 per share, or 15.9%, to close at $77.59 per share on May 8, 2018.
According to the complaint, on July 10, 2018 multiple analysts reported on a tentative ruling in the patent infringement litigation, invalidating at least five of the patents related to Nevro's HF10 therapy and Senza systems.
Following this news, Nevro's stock price fell $11.43 per share, or 15.15% to close at $64.04 per share on July 10, 2018.
If you are a member of the proposed Class, you may move the court no later than October 22, 2018 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing jcampisi@kaplanfox.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox & Kilsheimer LLP
