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.
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Robert S. Willoughby
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SOURCE Pomerantz LLP