LOS ANGELES, June 20, 2003 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Southern District of Indiana on behalf of a class (the "Class") consisting of all persons who purchased securities of Guidant Corporation ("Guidant" or the "Company") (NYSE:GDT) between June 23, 1999 and June 12, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Guidant, certain of its executive officers and Guidant's wholly owned subsidiary, EndoVascular Technologies, Inc., with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning the Company's business operations and prospects caused Guidant's stock price to become artificially inflated, inflicting damages on investors. Guidant designs, develops, manufactures and markets therapeutic medical devices for the treatment of cardiovascular and vascular diseases. The complaint alleges that during the Class Period, defendants, among other things, failed to disclose problems with the Company's "Ancure Endograft System" -- a device for treating abdominal aortic aneurysms. Unbeknownst to investors, defendants had learned from physicians during clinical trials that the delivery system for implanting the Ancure Device in the aorta was seriously flawed, and in some instances physicians were unable to implant the Ancure Device or could not implant it in a manner consistent with the FDA approved instructions for its use. Plaintiff claims the Company failed to disclose this information to the investing public to avoid damage to the Company's reputation, which would have a materially adverse effect on its financial performance and prospects. The truth emerged on June 12, 2003, when the United States Attorney's Office for the Northern District of California issued a press release in which it announced that Guidant's EndoVascular Technologies, Inc. subsidiary had pled guilty to ten felonies and agreed to pay $94.2 million to settle criminal and civil charges that it had covered up thousands of incidents in which the Ancure Device had malfunctioned and that use of the Ancure Device had resulted in twelve deaths and dozens of invasive surgeries.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than August 12, 2003, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca