Medindia

X

Boston Scientific Provides Update on Involuntary Selling of Its Stock by Co-Founders

Monday, October 13, 2008 General News J E 4
Advertisement
NATICK, Mass., Oct. 13 Thursday and Friday oflast week saw continued heavy trading in Boston Scientific's (NYSE: BSX)stock. As anticipated in the Company's October 9th news release, asignificant portion of this trading was due to involuntary sales of sharesbeneficially owned by Boston Scientific's co-founders Pete Nicholas and JohnAbele. As of the close of the market on Friday, approximately 31 millionshares in aggregate had been sold last week through involuntary sales relatedto collateralized loans of Mr. Nicholas and Mr. Abele, including nearly 13million shares on Friday.

The Company believes there may be additional involuntary sales of sharesbeneficially owned by Mr. Nicholas and Mr. Abele over the next several weeks,but the Company estimates, based upon an assessment of the facts available toit and the price of the Company's stock at the close of business on Friday,October 10th, that the majority of the involuntary selling has alreadyoccurred.

"While these involuntary sales are certainly disappointing, it isimportant to keep in mind that the Company has approximately 1.5 billionshares outstanding and that even after the events of last week John Abele andI continue to collectively hold more than 90 million shares of BostonScientific stock," said Nicholas. "Our confidence in the Company and itsfuture is unwavering."

Boston Scientific is a worldwide developer, manufacturer and marketer ofmedical devices whose products are used in a broad range of interventionalmedical specialties. For more information, please visit:http://www.bostonscientific.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaningof Section 21E of the Securities Exchange Act of 1934. Forward-lookingstatements may be identified by words like "anticipate," "expect," "project,""believe," "plan," "estimate," "intend" and similar words. Theseforward-looking statements are based on our beliefs, assumptions and estimatesusing information available to us at the time and are not intended to beguarantees of future events or performance. These forward-looking statementsinclude, among other things, statements regarding potential additionalautomatic selling and our long-term prospects. If our underlying assumptionsturn out to be incorrect, or if certain risks or uncertainties materialize,actual results could vary materially from the expectations and projectionsexpressed or implied by our forward-looking statements. These factors, insome cases, have affected and in the future (together with other factors) maycause actual results to differ materially from those contemplated by thestatements expressed in this press release. As a result, readers arecautioned not to place undue reliance on any of our forward-lookingstatements.

Factors that may cause such differences include, among other things:future economic, competitive, reimbursement and regulatory conditions; newproduct introductions; demographic trends; intellectual property; litigation;financial market conditions; and, future business decisions made by us and ourcompetitors. All of these factors are difficult or impossible to predictaccurately and many of them are beyond our control. For a further list anddescription of these and other important risks and uncertainties that mayaffect our future operations, see Part I, Item 1A - Risk Factors in our mostrecent Annual Report on Form 10-K filed with the Securities and ExchangeCommission, which we may update in Part II, Item 1A - Risk Factors inQuarterly Reports on Form 10-Q we have filed or will file thereafter. Wedisclaim any intention or obligation to publicly update or revise anyforward-looking statements to reflect any change in our expectations or inevents, conditions, or circumstances on which those expectations may be based,or that may affect the likelihood that actual results will differ from thosecontained in the forward-looking statements. This cautionary statement isapplicable to all forward-looking statements contained in this document.CONTACT: Paul Donovan 508-650-8541 (office) 508-667-5165 (mobile) Media Relations Boston Scientific Corporation Larry Neumann 508-650-8696 (office) Investor Relations Boston Scientific Corporation

SOURCE Boston Scientific
Advertisement


Advertisement

You May Also Like

Advertisement
View All

Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
User Avatar
* Your comment can be maximum of 2500 characters
I agree to the terms and conditions
s
deCODE Discovery Sheds Light on Risk of the Most C...
S
Iron Mountain Acts to Improve Health of Hospital M...