Scott+Scott, LLC Filed First Fraud Case Against Guidant on June 24, 2005
Some Other Medical Product/Pharmaceutical Companies Continue To Have Issues: Bausch & Lomb Restates Earnings For As Long As Five Years
COLCHESTER, Conn., December 23– Scott+Scott, LLC,( http://www.scott-scott.com ), which filed the first securities case in the United States District Court for the Southern District of Indiana (1:05-cv- 0951-JDT-TAB) against Guidant Corporation due to its catastrophic equipment failure and significantly belated notification to physicians, watched its stock tumble more than 11% in August as Johnson & Johnson indicated it was getting cold feet as to the terms of its approaching purchase of the defibrillator manufacturer. Thereafter, the stock rebounded some as Boston Scientific made overtures to purchase Guidant. Scott+Scott filed the first securities fraud case against Guidant on June 24, 2005, and now has filed an updated complaint with additional allegations. Presently, the class period begins on December15, 2004 and goes to November 4, 2005. On December 15, 2004 Guidant stated that it was being sold to Johnson & Johnson for $25 billion. On November 2, 2005, Johnson & Johnson said it would back out of the deal due to the problems occurring at Guidant. Guidant fell to $57.52, erasing over $4.5 billion in market capitalization. Many people with implanted Guidant devices and shareholders have contacted the firm. Any person affected by the drop in share price, a faulty Guidant device or a decedent’s survivor may contact Scott+Scott directly.
If you would like additional information, please contact attorney Neil Rothstein directly at cell phone 619/251- 0887 or nrothstein@scott-scott.com . To contact the firm directly, call 800/404-7770 before noon EST and thereafter at 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. It was lead counsel on the ImClone case and is actively involved in litigation against Pfizer, Merck, Biovail, Forest Laboratories, Cyberonics, and other pharmaceutical companies.
Today, Bausch & Lomb, also involved in the pharmaceutical industry, announced that it would restate its earnings going back as far as five years. On Thursday, Bausch & Lomb found that at one of its Brazilian facilities, several managers are alleged to have engaged in financial accounting fraud including diverting company money into a local pension fund for their own benefit. This company plans to restate as far back as five years. Upon this news, the Company’s stock has dropped over 8.5% today. If you purchased stock in Bausch & Lomb in the past five years, you may contact the firm as well.
Bausch & Lomb Incorporated engages in the development, manufacture, and marketing of eye health products. The company offers its products in five product categories: contact lens, lens care, pharmaceuticals, cataract and vitreoretinal, and refractive. Contact lens product category includes replacement and daily disposable, multifocal, continuous wear, and toric soft lenses; and rigid gas permeable lenses and materials. These products are marketed by its sales force and through distributors to licensed eye care professionals and health product retailers. Lens care product category comprises multipurpose solutions, enzyme cleaners, and saline solutions. These products are marketed by its sales force and through distributors to licensed eye care professionals, health product retailers, independent pharmacies, drug stores, food stores, and mass merchandisers.
Pharmaceuticals product category includes generic and branded prescription ophthalmic pharmaceuticals, ocular vitamins, over-the-counter medications, nutraceuticals, and vision accessories. These products are marketed by its sales force and distributed through wholesalers, independent pharmacies, drug stores, food stores, mass merchandisers, and hospitals. Cataract and vitreoretinal product category comprises intraocular lenses and phacoemulsification equipment, as well as disposable surgical packs and instruments. These products are marketed by its sales force and through distributors to ophthalmic surgeons, hospitals, and ambulatory surgery centers. Refractive product category comprises lasers, microkeratomes, diagnostic equipment, and other products used in the laser in-situ keratomileusis surgical procedure. These products are marketed by its sales force and through distributors to ophthalmic surgeons, hospitals, and ambulatory surgery centers. It has operations in Americas, Europe, the Middle East, Africa, and Asia. BLI was founded in 1853 and is headquartered in Rochester, New York.
If you purchased Guidant securities during the class period or Bausch & Lomb securities in the past five years 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. There is no charge as Scott+Scott works on a contingency basis and fees and costs must be approved by the Court out of any recovery. Please visit our website for information on other cases.
