LAWSUITS NEWS & LEGAL INFORMATION
Guidant Corporation NYSE: GDT
| Company: | Guidant Corporation |
| Ticker Symbol: | NYSE: GDT |
| Class Period: | December 15, 2004, to June 17, 2005 |
| Date Filed: | Jun-27-05 |
| Lead Plaintiff Deadline: | Aug-23-05 |
| Court: | Southern District, IN |
| Allegations: |
On June 17, 2005, Guidant Corporation (NYSE: GDT) announced a voluntarily
recall about 50,000 of the Company's defibrillators, including approximately
38,000 in use in the United States. The Company stated "it is voluntarily
advising physicians about important safety information regarding certain
devices . . . [and it] has apprised FDA of these actions, and FDA has
indicated that it will classify them as recalls." The Company said that
certain models of the devices have "failed" at least 43 times, causing two
deaths.
On June 17, 2005, shares of Guidant declined from $73.66 per share to $72.46 per share, on heavier than usual volume. On June 20, 2005, the following trading day, shares of Guidant declined an additional $2.16 per share, to close at $70.30 per share.
On June 24, 2005, Guidant disclosed that it was "voluntarily advising physicians about important safety information regarding certain devices . . . [and] as a precautionary measure, physicians should discontinue implants of these devices pending further notice." On June 24, 2004, shares of Guidant declined $4.70, from $68.60 to $63.90, a decline of 6.85%. Since June 17, 2005, shares of Guidant have declined $9.76 per share or about 13%.
In the News
The FDA has put a severe rating on two makes of Guidant implantable defibrillators that have been recalled. The models designated are the Ventak Prizm 2 DR and the Contak Renewal 1 and 2. The recall of these devices is considered of the highest priority. This action has caused Guidant shared to drop. (Jul-01-05) [INVESTORS.COM]
[MORE INFO ON GUIDANT DEFECTIVE DEFIBRILLATORS]
Schneider & Wallace is investigating whether or not Guidant has violated any securities disclosure law in conjunction with its recall of its defibrillators. If you own shares of Guidant and would like to be contacted by a lawyer from Schneider & Wallace, please fill out the form below.
This posting constitutes legal advertising. Schneider & Wallace is a law firm based and licensed in California. Schneider & Wallace is not asserting that Guidant has violated any securities laws, but rather, is investigating whether any violations have occurred.
On June 17, 2005, shares of Guidant declined from $73.66 per share to $72.46 per share, on heavier than usual volume. On June 20, 2005, the following trading day, shares of Guidant declined an additional $2.16 per share, to close at $70.30 per share.
On June 24, 2005, Guidant disclosed that it was "voluntarily advising physicians about important safety information regarding certain devices . . . [and] as a precautionary measure, physicians should discontinue implants of these devices pending further notice." On June 24, 2004, shares of Guidant declined $4.70, from $68.60 to $63.90, a decline of 6.85%. Since June 17, 2005, shares of Guidant have declined $9.76 per share or about 13%.
In the News
The FDA has put a severe rating on two makes of Guidant implantable defibrillators that have been recalled. The models designated are the Ventak Prizm 2 DR and the Contak Renewal 1 and 2. The recall of these devices is considered of the highest priority. This action has caused Guidant shared to drop. (Jul-01-05) [INVESTORS.COM]
[MORE INFO ON GUIDANT DEFECTIVE DEFIBRILLATORS]
Schneider & Wallace is investigating whether or not Guidant has violated any securities disclosure law in conjunction with its recall of its defibrillators. If you own shares of Guidant and would like to be contacted by a lawyer from Schneider & Wallace, please fill out the form below.
This posting constitutes legal advertising. Schneider & Wallace is a law firm based and licensed in California. Schneider & Wallace is not asserting that Guidant has violated any securities laws, but rather, is investigating whether any violations have occurred.
Published on Jun-27-05
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