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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. The Company 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.
On this news, St. Jude stock has fallen as much as $2.76, or 3.4%, during intraday trading on October 11, 2016.
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SOURCE Pomerantz LLP