Boston Scientific comments on stock sales

Boston Scientific Corp., the Natick medical device maker, issued a statement this morning regarding the "involuntary" sale yesterday of company stock by its cofounders.

The company said in a press release: "Yesterday saw heavy trading in Boston Scientific's stock, with approximately 38 million shares traded. This trading included involuntary sales of approximately 13 million shares beneficially owned by Boston Scientific's cofounders Pete Nicholas and John Abele or held, directly or indirectly, by a trust for the benefit of Mr. Abele's children."

(The Globe 1997 file photo accompanying this story shows Nicholas, left, and Abele.)

"The recent turmoil in the financial markets - combined with an inability of the cofounders and the trust to immediately access assets due to the bankruptcy of Lehman Brothers - triggered automatic share selling related to collateralized loans of Mr. Nicholas, Mr. Abele, and the trust," the press release added. "There may be additional automatic, involuntary selling today or in the near future."

The press release included a statement from Nicholas.

"These sales are involuntary and related to personal planning objectives and the current extraordinary circumstances in the financial markets," Nicholas said. "They in no way reflect on the company."
(By Chris Reidy, Globe staff)