Integra LifeSciences Holding Corporation
Robbins Umeda LLP Announces an Investigation of Integra LifeSciences Holdings Corporation
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Integra LifeSciences Holdings Corporation (NASDAQ: IART). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP is investigating whether officers and directors of Integra breached their fiduciary duties to shareholders by permitting insufficient controls and improper procedures at one of the company’s main collagen manufacturing facilities. On December 21, 2011, the Food and Drug Administration (“FDA”) sent the company a warning letter, documenting “visible mold” at the company’s collagen manufacturing facility located in Plainsboro, New Jersey. The letter came after the agency inspected the facility in August 2011, and observed that Integra had “continued to identify mold throughout its manufacturing facility from June 15, 2009 to the present,” and failed to adequately address the issue.
The public learned about the FDA warning letter on January 5, 2012, when Integra also reduced its revenue forecast for the fourth quarter of 2011. As a result, the company’s stock price fell almost 20%. Additionally, the company has expended substantial capital in connection with its “significant efforts to remediate the observations that the FDA has made.”
Robbins Umeda LLP highlights Integra shareholders have the option to file a derivative action to hold those officers and directors accountable for damaging the company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.