Initial Securities Case Against Guidant Filed by Scott+Scott, LLC on June 24 Protects Shareholders as Company Warns That Nine Pacemakers May Be Faulty
COLCHESTER, Conn., July 20 /PRNewswire/ — Scott+Scott, LLC, (http://www.scott-scott.com) filed on June 24, 2005, in the United States District Court for the Southern District of Indiana the first securities class action against Guidant Corporation (NYSE: GDT) due to its recent equipment failure disasters. Guidant disclosed on July 18 that it was recalling nine defibrillator device models distributed between 1997 and 2000. The Company reports that as many as 28,000 devices must be recalled. The pending securities fraud actions are on behalf of investors who purchased Guidant securities between December 15, 2004 and January 23, 2005. Any Guidant securities purchaser — regardless of purchase dates — may contact Scott+Scott as evidence continues to be revealed. For a summary of the claims against the defendants, see Scott+Scott’s prior notices at http://biz.yahoo.com/prnews/050624/nyf078.html?.v=12 and http://biz.yahoo.com/prnews/050706/nyw155.html?.v=16. Additionally, many people with implanted Guidant devices have contacted the firm. Any person subject to this situation may contact Scott+Scott directly.
On June 16, 2005, Guidant recalled 50,000 faulty defibrillators due to malfunctions in six different devices. Then, on June 24, Guidant recalled an additional five devices. Yesterday, Johnson&Johnson management stated that its impending merger with Guidant may be delayed due to these massive recalls and FDA involvement. On July 18, Guidant further warned as to the safety of nine pacemaker devices produced/implanted from 1997 to 2000.
If you purchased Guidant securities between December 15, 2004, and January 23, 2005, or at any other time and have questions, please contact Scott+Scott to understand your legal rights, to discuss the matter with an attorney and to discover the many advantages of Scott+Scott representation. There is no charge or cost.
If you would like information about Scott+Scott’s complaint against Guidant or would like to discuss this action with an attorney, please contact the firm at 800/332-2259 during office hours. You may also contact attorney Neil Rothstein at nrothstein@scott-scott.com (or cell phone 619/251-0887) or attorney Amy K. Saba at asaba@scott-scott.com (800/332-2259). Scott+Scott has offices in Connecticut, Ohio and California. The firm specializes in complex litigation including securities fraud and represents foundations, individuals, corporations and pension funds worldwide.
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SOURCE Scott+Scott, LLC
07/20/2005
