NATICK, Mass., Oct. 9 /PRNewswire-FirstCall/ -- Yesterday saw heavy trading in Boston Scientific's (NYSE: BSX) stock, with approximately 38 million shares traded. This trading included involuntary sales of approximately 13 million shares beneficially owned by Boston Scientific's co-founders Pete Nicholas and John Abele or held, directly or indirectly, by a trust for the benefit of Mr. Abele's children.
The recent turmoil in the financial markets -- combined with an inability of the co-founders and the trust to immediately access assets due to the bankruptcy of Lehman Brothers -- triggered automatic share selling related to collateralized loans of Mr. Nicholas, Mr. Abele and the trust.
There may be additional automatic, involuntary selling today or in the near future.
"These sales are involuntary and related to personal planning objectives and the current extraordinary circumstances in the financial markets," said Nicholas. "They in no way reflect on the Company."
"These automatic sales are disappointing and beyond our control," said Abele. "My confidence in the Company and its long-term prospects remains undiminished."
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical 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 meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words. These forward- looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding potential additional automatic selling and our long-term prospects. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; and, future business decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file thereafter. We disclaim any intention or obligation to publicly update or revise any forward- looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. This cautionary statement is applicable 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
CONTACT: Paul Donovan, Media Relations, +1-508-650-8541, (office),
+1-508-667-5165 (mobile), or Larry Neumann, Investor Relations,
+1-508-650-8696, both of Boston Scientific Corporation
Web site: http://www.bostonscientific.com/