Abbott (NYSE:ABT) owned Thoratec is seeking approval for a $11.9 million deal to settle class action claims that it and some of its officers hid facts about its Heartmate II heart pump’s thrombosis rate that would have negatively affected share prices, according to recently released court documents. Investor Bradley Cooper originally brought the suit against the company […]
Investors win class certification in lawsuit against Abbott’s Thoratec
A group of Thoratec shareholders this week won a class certification in a revived suit claiming that Thoratec, now owned by Abbott (NYSE:ABT), and some of its officers hid facts about its HeartMate II heart pump’s rate of thrombosis that would have negatively affected share prices, thereby misleading investors. Investor Bradley Cooper originally brought the suit against the company […]
Appeals court revives Thoratec shareholders suit
A Ninth Circuit panel this week revived a shareholders suit against Thoratec (NSDQ:THOR), deciding that it was a mistake for a lower court to dismiss the case and that investors had sufficient grounds for claiming that the company misled them. The securities class action suit was brought against Thoratec in January 2014. Investor Bradley Cooper sued the […]
Deaths prompt Abbott recall of Thoratec HeartMate II controllers
Abbott (NYSE:ABT) is recalling nearly 29,000 controllers for the HeartMate II implantable heart pump made by its Thoratec subsidiary after 26 patients died trying to change out the controllers on their own. The March 29 recall of 28,882 controllers for the HeartMate II left ventricular assist device follows 70 reports of “incidents in which the […]
St. Jude Medical’s HeartMate 3 implantable pump beats HeartMate II in pivotal trial
The next-generation HeartMate 3 implantable pump St. Jude Medical (NYSE:STJ) acquired when it paid $3 billion for Thoratec last year proved superior to the older HeartMate II device at 6 months in pivotal clinical trial results released today. The Momentum 3 study enrolled more than 1,000 patients for a short-term outcome after 6 months and a longer-term, […]
St. Jude posts street-beating Q1
Updated with guidance information for Q2 and full year 2016. St. Jude Medical (NYSE:STJ) released 1st quarter 2016 results that beat the Street, despite seeing profits slip from the same quarter last year after its acquisition of Thoratec. St. Paul, Minn.-based St. Jude Medical reported profits of $95 million, or 33¢ per share, on sales of […]
Autonomic Technologies taps ex-Thoratec’s Pellegrini for CEO | Personnel Moves April 15, 2016
Thoratec sales exceed forecast for St. Jude Medical
Share prices for St. Jude Medical (NYSE:STJ) slid today after the medical device company missed forecasts for its 4th-quarter sales, despite a higher-than-expected contribution from its newly acquired Thoratec implantable heart pump business, and raised the low end of its earnings outlook. Little Canada, Minn.-based St. Jude said it expects to post sales of $1.45 billion for the 3 months […]
St. Jude Medical wins CE Mark for HeartMate 3 pump
St. Jude Medical (NYSE:STJ) said today that its newly acquired HeartMate 3 implantable heart pump won CE Mark approval in the European Union, less than a week after the medical device company closed its $3 billion acquisition of Thoratec. HeartMate 3, a left ventricular assist device, is designed for heart failure patients who are awaiting a […]
UPDATE: St. Jude Medical closes $3B Thoratec buy
St. Jude Medical (NYSE:STJ) yesterday closed its $3.3 billion buyout of Thoratec, a day after the implantable heart pump maker’s shareholders approved the $63.50-per-share deal. “St. Jude Medical is excited to bring together 2 companies that are considered heart failure therapy leaders and build on our established franchise that is now uniquely positioned to offer physicians and patients innovative solutions across […]
St. Jude Medical’s $3B Thoratec buyout set to close today
Thoratec (NSDQ:THOR) said its shareholders approved St. Jude Medical‘s (NYSE:STJ) $3.4 billion buyout offer yesterday, setting the stage for the deal to close today. In August, U.S. anti-trust regulators cleared the deal, in which Pleasanton, Calif.-based Thoratec’s stockowners are due to receive $63.50 in cash for each THOR share. Little Canada, Minn.-based St. Jude took out a 5-year, $2.6 […]
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