On August 15th, the First Circuit addressed what adverse events associated with medical devices an issuer must disclose, affirming the entry of summary judgment dismissing a Rule 10b-5 securities fraud lawsuit. Given the statements and disclosures made, Boston Scientific had no obligation to disclose an improvement that would reduce the very small number of complaints it had received about the device, but had not disclosed. In addition, plaintiffs failed to produce evidence supporting an inference that defendants intentionally or recklessly made misleading statements about the risk that the device might be recalled. While a statement of risk does not insulate from liability, it does not create liability by not disclosing all of the factors that contribute to the risk assessment. Mississippi Public Employees' Retirement System v. Boston Scientific Corp.