Securities Fraud Case First Filed By Scott + Scott, LLC Against Guidant Gives Market a Shock Because Of Faulty Defibrillators/ J & J Deal

21 October 2005

Scott + Scott, LLC clients and shareholders (http://www.scott-scott.com) watched Guidant Corporation stock tumble more than 11% on October 18 as Johnson & Johnson indicated it was exploring the terms of its approaching purchase of the defibrillator manufacturer. Scott + Scott filed the first securities case in the country against Guidant in the United States District Court for the Southern District of Indiana on June 24, 2005 due to its alleged medical device equipment failure and significantly belated notification to physicians (case number 1:05-cv-0951-JDT-TAB). According to yesterday’s Financial Times, Robert Darretta, J&J's vice-chairman and finance chief, said: "We are continuing to consider the alternatives under our merger agreement." The stock closed Thursday at 64.90 per share. Johnson & Johnson is slated to purchase Guidant for $76.00 per share.

If you would like additional information about the subject matter of this complaint, please contact the firm at 800/404-7770 before noon EST and thereafter, 800/332-2259 during office hours. You may also contact attorney Neil Rothstein directly at e-mail protected from spam bots (or cell phone 619/251-0887). 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.

Insider trading is alleged to be calculated at over $60 million. Moreover, the Wall Street Journal has reported that the chief medical officer of Guidant sold more than $3 million of her shares in May, just prior to the Company's announcement to doctors of malfunctions in their defibrillators. This is alleged to be very close to the time that Johnson & Johnson's buyout of Guidant for about $25 billion was to take place. If you purchased Guidant securities since 2001 or at any other time and have questions, please contact Scott + Scott to learn your legal rights, to discuss the matter with an attorney and to discover the many advantages of Scott + Scott's representation. Anyone who was harmed by a Guidant device can also contact the firm. There is no charge as Scott + Scott, LLC works on a contingency basis and fees and costs must be approved by the Court out of any recovery.
More information on this case can be found at: http://biz.yahoo.com/prnews/050808/nem020.html?.v=21.

Contact:
Neil Rothstein, Esq.
Scott + Scott, LLC
401 B Street Suite 307
San Diego, CA 92101
Voice: 619-233-4565
Facsimile: 619-233-0508
Mobile: 619-251-0887

Source: PrWeb

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