NEW YORK, May 6, 2008 (PRIME NEWSWIRE) -- Nationwide class-action law firm Scott+Scott LLP (www.scott-scott.com) announced today that the plaintiffs and former shareholders of Guidant Corporation ("Guidant," now part of Boston Scientific Corporation (NYSE:BSX)) in the In re: Guidant Corporation Securities Litigation (Case No. 05-1658), pending in the United States District Court, Southern District of Indiana, have filed a motion requesting that the Court reconsider its recent order dismissing the investor class's claims. The plaintiffs' motion to file another complaint and continue with the class-action lawsuit is based on new information that has come to light as to certain Guidant executives' knowledge of safety concerns with Guidant defibrillators between December 15, 2004 through October 18, 2005, inclusive (the "Class Period").
The lawsuit centers on investor claims that Guidant executives entered into a scheme that artificially inflated the price of Guidant's stock and entered into a merger agreement with Johnson & Johnson that was predicated on false representations about the safety of Guidant's medical devices. The false statements and omissions related to potentially deadly defects in thousands of Guidant's implantable medical devices, including its defibrillators and pacemakers. The lawsuit further claims that these misrepresentations enabled company insiders to reap enormous personal gains on the sale of their Guidant stock at artificially inflated prices.
The suit seeks class-action status for those investors who bought Guidant stock during the Class Period. Guidant stock purchasers who wish to discuss this action or have questions concerning this notice or their rights may contact Scott+Scott LLP at scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537, or by visiting the Scott+Scott website, http://www.scott-scott.com, for more information.
Scott+Scott LLP is a law firm with significant experience in prosecuting investor class actions. The firm currently is lead counsel litigating major securities, antitrust and employee retirement plan class actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primenewswire.com/ca/