GDT Guidant Corp

Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Guidant Corporation HARTFORD, Conn., July 1 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of Indiana on behalf of all persons who purchased the publicly traded securities of Guidant (NYSE:GDT) ("Guidant") between December 15, 2004 and June 23, 2005, inclusive (the "Class Period"). Schatz & Nobel, P.C. also has substantial experience representing employees who lost substantial amounts from purchases of their employer's stock in their 401(k) plans. If you bought Guidant stock through your Guidant retirement account and have information or would like to learn more about these claims, please contact us. The Complaint alleges that Guidant violated federal securities laws by issuing misleading public statements. On December 15, 2004 Guidant entered a $24.5 billion merger deal with Johnson & Johnson. The complaint alleges that Guidant concealed significant product defect and liability issues of its defibrillator products. Specifically, it is alleged that: (i) Guidant knew as early as 2002 that its defibrillator products were defective; and (ii) Guidant did not take corrective action in order to maintain its revenue stream and make itself a more attractive merger candidate. On June 17, 2005, the Food and Drug Administration ("FDA") issued a recall notification, impacting Guidant's implantable defibrillators and cardiac resynchronization therapy defibrillators. The FDA advised that the malfunction of Guidant's devices could lead to a serious, life-threatening event. Then, on June 24, 2005, Guidant announced that as a precautionary measure, physicians should discontinue implants of certain devices pending further notice. On this news, Guidant shares fell $4.70 per share, or 6.85%, to close at $63.90 per share. During the Class Period, Guidant insiders sold a total of 894,081 shares for gross proceeds of $65,703,975.60. If you are a member of the class, you may, no later than August 23, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s). While Schatz & Nobel has not filed a complaint, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free: (800) 797-5499, or by e-mail: , or visit our website: http://www.snlaw.net/. CONTACT: Wayne T. Boulton or Nancy Kulesa Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail: DATASOURCE: Schatz & Nobel, P.C. CONTACT: Wayne T. Boulton or Nancy Kulesa both of Schatz & Nobel, +1-800-797-5499, Web site: http://www.snlaw.net/

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