Abbott (NYSE:ABT) is facing an investor suit from an Alaskan union-benefits fund over allegations that St. Jude Medical, which it closed its acquisition of in January, failed to notify regulators about defective lithium batteries in its implantable defibrillators. In the lawsuit, plaintiffs allege that St. Jude was informed of the battery defect “as early as 2011”, […]
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Ex-broker pleads not guilty in insider trading case involving Abbott, St. Jude merger
A Morgan Stanley broker pleaded not guilty to charges that he engaged in insider trading in deals including Abbott‘s (NYSE:ABT) $25 billion acquisition of St. Jude Medical, according to an Investment News report. Defendant Michael Siva entered a plea on Tuesday in New York, with a 3-week trial slated to begin Sept. 2018. Siva was allegedly involved […]
Abbott upgrades St. Jude Medical cardiac devices
Abbott (NYSE:ABT) said today that it’s upgrading the implantable pacemakers and defibrillators it acquired when it paid $25 billion for St. Jude Medical earlier this year, seeking to move beyond battery and cybersecurity issues that haver plagued it for a year. Last October St. Jude warned of a battery issue that could disable its high-voltage cardiac rhythm management devices, […]
Abbott’s St. Jude Medical can’t escape Riata lead lawsuit
Abbott (NYSE:ABT) subsidiary St. Jude Medical can’t escape a product liability lawsuit brought over its recalled Riata defibrillator leads, a federal judge in California ruled this week. St. Jude pulled the silicone-coated Riata and Riata ST leads in 2010 after finding that some of the internal conductors had worn through their insulation, a failure that […]
Alleged $5m insider trading ring included Abbott, St. Jude Medical acquisition
US authorities yesterday announced a slew of insider trading charges accusing 7 individuals of creating more than $5 million in profit based on tips from a Bank of America employee on pending corporate transactions, including Abbott‘s (NYSE:ABT) $25 billion acquisition of St. Jude Medical. Both the alleged tipper, Daniel Rivas, and James Moodhe, father of […]
Zimmer Biomet prez, CEO Dvorak unexpectedly resigns | Personnel Moves, July 12, 2017
Zimmer Biomet (NYSE:ZBH) said late yesterday its prez and CEO David Dvorak has resigned from his position at the head of the company, effective immediately, to be replaced on an interim basis by senior VP and CFO Daniel Florin until a permanent successor is named. The Warsaw, Ind.-based company said it is retaining “a leading executive search […]
Medical device makers look to slip lawsuits on Supreme Court ruling
A trio of medical device makers are looking to slip patent infringement and product liability lawsuits based on recent U.S. Supreme Court rulings governing out-of-state lawsuits. In TC Heartland v. Kraft Foods Group Brands, the Supremes limited the ability of patent holders to sue in other states. Kraft sued TC Heartland in its incorporated state of Delaware […]
Medtech M&A: The 10 biggest deals so far in 2017
Over the past several years, the healthcare industry as a whole has experienced an abundance of mergers and acquisitions – major players are buying up their peers in deals ranging from millions to billions. The trend is continuing, and the healthcare playing field continues to be shaped by these mega-transactions. For the medical device industry, […]
Boston Scientific, St. Jude Medical must face University of California patent suits
Boston Scientific (NYSE:BSX) and Abbott (NYSE:ABT) subsidiary St. Jude Medical must face lawsuits brought by the University of California alleging that their ablation catheters infringe a pair of patents covering atrial fibrillation treatments. The university’s regents sued the companies last October (a similar suit was brought against AtriCure (NSDQ:ATRC) the next month, according to court documents), accusing the companies […]
Medtronic looks to settle TAVR patent spat with doc inventor
Medtronic (NYSE:MDT) is looking to settle a patent infringement dispute over transcatheter aortic valve replacements with a doctor who sued the company and cross-town rival St. Jude Medical (NYSE:STJ), which last week lost its bid to have the case dismissed. Dr. Robert Snyder, founder of Snyders Heart Valve, filed suits last year in the U.S. District […]
HRS 2017 Roundup: Study pinpoints battery issue in Abbott’s Nanostim leadless pacer
A study of the Nanostim leadless pacemaker made by Abbott’s St. Jude Medical subsidiary pinpoints the cause of a battery depletion issue A study of the Nanostim leadless pacemaker Abbott acquired this year when it bought St. Jude Medical, presented last week at the annual Heart Rhythm Society conference, found that a battery depletion problem […]
