Guidant Corporation designs and manufactures cardiovascular medical products such as pacemakers, defibrillators and stents. The Company products focus on the treatment of cardiac arrhythmias, heart failure, and coronary and peripheral disease, including implantable defibrillator systems. The implantable defibrillator systems are used to detect and treat abnormally fast heart rhythms that could result in sudden cardiac death.

The original Complaint filed on June 13, 2003, alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between the class period, thereby artificially inflating the price of Guidant securities. The Complaint alleges that the Company's ANCURE ENDOGRAFT System (used to prevent an aneurysm in the heart's main artery from rupturing) was not safe and that it was the cause of over 2,600 incidents that included 12 deaths; the Company failed to notify the FDA regarding the over 2,600 incidents that included 12 deaths resulting from the defective ANCURE ENDOGRAFT System; and the Company engaged in fraudulent sales of the ANCURE ENDOGRAFT System. On June 12, 2003, the Company agreed to plead guilty to federal charges and to pay $92.4 million for misleading regulators about 12 deaths and serious injuries linked to the ANCURE ENDOGRAFT System.

According to the court docket for the first filing, 03-CV-882, the Plaintiff filed for voluntary dismissal on July 25, 2003, and the court approved the Plaintiff's notice of voluntary dismissal on July 29, 2003 without prejudice.

On June 16, 2003, a class action Complaint, case number 03-CV-0892, with similar allegations to case 03-CV-0882, was filed in the Southern District of Indiana, extending the class period’s start date. On October 7, 2003 the court entered the order for the motion to consolidate cases, approve lead Plaintiffs and appoint lead and liaison Counsels. According to a Plaintiff’s law firm’s website, Plaintiffs filed a consolidated amended Complaint on December 5, 2003. Defendants filed motions to dismiss the consolidated Complaint on February 5, 2004. Plaintiffs filed an opposition to Defendants' motions to dismiss on March 5, 2004. Defendants filed replies in support of their dismissal motions on April 6, 2004. On November 8, 2004, the Court dismissed the Plaintiffs’ Complaint. Plaintiffs filed an amended Complaint on December 23, 2004 which Defendants again moved to dismiss.

According to the Order entered on February 14, 2005, from U.S. District Judge Honorable Sarah Evans Barker of the U.S. District Court of Indiana, the case was dismissed with prejudice. The court approved the stipulation filed by the parties on February 10, 2005, dismissing the case.