NATICK, Mass., Oct. 13 /PRNewswire-FirstCall/ -- Thursday and Friday of last week saw continued heavy trading in Boston Scientific's (NYSE: BSX) stock. As anticipated in the Company's October 9th news release, a significant portion of this trading was due to involuntary sales of shares beneficially owned by Boston Scientific's co-founders Pete Nicholas and John Abele. As of the close of the market on Friday, approximately 31 million shares in aggregate had been sold last week through involuntary sales related to collateralized loans of Mr. Nicholas and Mr. Abele, including nearly 13 million shares on Friday.
The Company believes there may be additional involuntary sales of shares beneficially owned by Mr. Nicholas and Mr. Abele over the next several weeks, but the Company estimates, based upon an assessment of the facts available to it 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 already occurred.
"While these involuntary sales are certainly disappointing, it is important to keep in mind that the Company has approximately 1.5 billion shares outstanding and that even after the events of last week John Abele and I continue to collectively hold more than 90 million shares of Boston Scientific stock," said Nicholas. "Our confidence in the Company and its future is unwavering."
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
Boston Scientific Corporation
Boston Scientific Corporation
|SOURCE Boston Scientific|
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