8-KOther Events

BOSTON SCIENTIFIC CORP 8-K Report, Corporate Update (Sep 24, 2014)

Filed September 24, 2014For Securities:BSX

Summary

Boston Scientific Corporation (BSX) announced an adverse development in ongoing litigation. On September 24, 2014, a Maryland court entered a judgment against the Company for $308 million following a jury verdict for breach of a license agreement with Mirowski Family Ventures LLC. While the Company acknowledges the judgment, it strongly disagrees with the findings and the damages awarded. Boston Scientific intends to vigorously contest this outcome through post-trial motions and, if necessary, the appeals process. Investors should be aware that this litigation represents a significant financial contingency, and the ultimate resolution could impact the Company's financial position. Further details can be found in BSX's previously filed 10-K and 10-Q reports.

Key Highlights

  • 1Boston Scientific (BSX) faces a $308 million judgment related to a breach of license agreement with Mirowski Family Ventures LLC.
  • 2The judgment stems from a jury verdict in the Montgomery County Circuit Court in Maryland.
  • 3The Company disputes the jury's findings and the amount of damages awarded.
  • 4BSX plans to pursue post-trial motions to overturn the judgment.
  • 5If post-trial motions are unsuccessful, the Company intends to appeal the decision.
  • 6This litigation represents a material financial risk for Boston Scientific.
  • 7Investors are directed to the Company's 2013 10-K and June 30, 2014 10-Q for prior litigation details.

Frequently Asked Questions

Boston Scientific has been found liable for breaching a license agreement with Mirowski Family Ventures LLC, resulting in a jury verdict and a subsequent court judgment of $308 million.

No, Boston Scientific explicitly states that it believes the facts and the law do not support the jury's findings or the amount of damages awarded.

The Company plans to file post-trial motions with the Circuit Court to seek to overturn the judgment and will pursue an appeal if necessary.

The $308 million judgment represents a significant financial contingency. The ultimate impact will depend on the outcome of the Company's post-trial motions and potential appeals. Investors should monitor developments closely.