Pennsylvania Record

Sunday, February 23, 2020

Stockholder sues Globus Medical for allegedly inflating prices

By Tyler Dryden | Oct 14, 2015

Globus medical inc logo

A man is suing an Audubon medical device company over allegations of selling shares at an inflated price.

Mark Silverstein filed a class action suit against Globus Medical Inc., David C. Paul, Richard A. Baron, David M. Demski and Steven M. Payne in the U.S. District Court for the Eastern District of Pennsylvania on Sept. 29, citing violations of the Exchange Act.

The suit was filed on behalf of those who purchased Globus stock between Feb. 26, 2014, and Aug. 5, 2014. According to the suit, Silverstein alleges that Globus misled the public about its financial status and this caused Silverstein and others to be negatively impacted.

The suit states that Globus "materially misled the investing public, thereby inflating the price of Globus' securities, by publicly issuing false and/or misleading statements and/or omitting to disclose material facts necessary to make defendant's statements, as set forth herein, not false and/or misleading." This resulted in artificially inflated security prices, the suit states.

Silverstein is seeking judgment for compensatory damages, and all damages that occurred as a result of Globus Medical's wrongdoing, as well as court and legal fees. He is represented by Jacob A. Goldberg of Rosen Law Firm in Jenkintown; Laurence Rosen and Phillip Kim of the Rosen Law Firm in New York, N.Y.; and Lionel Z. Glancy, Robert V. Prongay and Casey E. Sadler of Glancy, Prongay and Murray of Los Angeles.

U.S. District for the Eastern District of Pennsylvania case number 2:15-cv-05386-WB

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