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In Re: Boston Scientific Corporation Securities Litigation.

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Before Torruella, Boudin and Thompson, Circuit Judges.

This case charging securities fraud was brought in the district court as a class action on behalf of a proposed class of shareholders of Boston Scientific Corporation (“Boston Scientific”). Boston Scientific is a large publicly traded company that makes and sells medical devices; it produces numerous products across a range of medical fields, operates in multiple countries and employs over 25,000 people. The charges made, now common when a company’s stock price declines suddenly, rest on the following allegations and background facts.

A substantial portion of Boston Scientific’s sales in late 2008 and early 2009–around 30 percent–were of cardiac rhythm management (“CRM”) devices handled by a group within the company devoted to such products. CRM devices are implantable devices that use electric pulses to treat a patient’s cardiac condition; they include pacemakers and implantable cardioverter defibrillators (“ICDs”). The devices are typically marketed and sold directly to physicians by Boston Scientific’s CRM sales staff, which in the period with which the suit is concerned consisted of about 1,100 employees.

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