Guidant Investors Lose Bid To Revive Class Action

Law360, New York (October 21, 2009, 4:36 PM EDT) -- Guidant Corp. has prevailed in a challenge by investors to the dismissal of a putative securities class action that alleged the medical device maker glossed over problems with its defibrillators and their impact on its aborted merger with Johnson & Johnson, leading to billions of dollars in shareholder losses.

On Wednesday the U.S. Court of Appeals for the Seventh Circuit affirmed a district court's February 2008 decision to grant Guidant's motion to toss the consolidated case with prejudice, saying the lower court had not abused its...
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