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.