NEW YORK, Oct. 13, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Abbott Laboratories ("Abbott" or the "Company") (NYSE: ABT) (ISIN: US0028241000). Investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Abbott and certain of its officers and/or directors have violated the federal securities laws.
On April 28, 2016, Abbott issued a press release announcing a definitive agreement to acquire St. Jude Hospitals, Inc. ("St. Jude"), citing St. Jude's "strong positions in heart failure devices, atrial fibrillation and cardiac rhythm management." On October 11, 2016, pre-market, St. Jude issued a letter to physicians and patients warning that batteries on thousands of the Company's implantable defibrillators can quickly and unexpectedly deplete. St. Jude stated that two people had died after their devices failed to work correctly because of the drained battery, while 47 others reported dizziness or fainting. The warning applies to devices made before May 2015, which are in use by roughly 350,000 people worldwide. Abbott stated that the Company still expects to close its acquisition of St. Jude by the end of this year.
On this news, Abbott stock fell $2.34, or 5.38%, to close at $41.16 on October 11, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP