According to the Complaint, Integra develops regenerative tissue technologies and neurological solutions.  The Company’s Tissue Technologies business – which generates approximately one-third of Integra’s total revenue – manufactures and sells collagen-based medical devices that are used for complex wound care, peripheral nerve repair, and reconstruction surgery.  Several of those products are produced at the Company’s manufacturing plant located in Boston, Massachusetts (the “Boston Facility”), including SurgiMend, PriMatrix, Revize, and TissueMend.

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 also extended a pause on 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 inventory write-off.

On this news, Integra’s stock price declined $10.24 per share, or approximately 20%, to close at $40.48 per share on May 23, 2023.

If you wish to serve as lead plaintiff, you must move the Court no later than November 13, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

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