as informed in wsj
St. Jude Medical Sues Short Seller Over Device Allegations
St. Jude Medical Sues Short Seller Over Device Allegations
St. Jude Medical Inc. on Wednesday filed a lawsuit against Muddy Waters Capital LLC, claiming the research firm intentionally made false and misleading claims about its heart devices in order to profit from a decline in its stock.The complaint, filed in U.S. District Court in Minnesota, also names MedSec, a cybersecurity startup whose work was cited by Muddy Waters, and some executives at both Muddy Waters and MedSec.
additionally startribune
St. Jude Medical sues investment firm Muddy Waters over security allegation
St. Jude Medical sues investment firm Muddy Waters over security allegation
St. Paul-based St. Jude Medical on Wednesday sued short-selling firm Muddy Waters Capital LLC and others over Muddy Waters' public claims that there were major flaws in St. Jude products' cybersecurity.San Francisco-based Muddy Waters said last week that it had taken out a short position on St. Jude stock — which means it stood to profit if St. Jude stock fell in value — at the same time of its revelation.Muddy Waters said it did not alert St. Jude before going public with its findings.
as well streetinsider
St. Jude Medical (STJ) Sues Muddy Waters, MedSec
St. Jude Medical (STJ) Sues Muddy Waters, MedSec
St. Jude Medical, Inc. (NYSE: STJ) announced that it has filed a lawsuit against Muddy Waters Consulting LLC, Muddy Waters Capital LLC, MedSec Holdings, Ltd., MedSec LLC, and three individual defendants who are principals in these firms, for false statements, false advertising, conspiracy and the related manipulation of the public markets in connection with St. Jude Medical's implantable cardiac management devices.With this action, St. Jude Medical seeks to hold these firms and individuals accountable for their false and misleading tactics, to set the record straight about the security of its devices, and to help cardiac patients and their doctors make informed medical decisions about products that enhance and save lives every day."We felt this lawsuit was the best course of action to make sure those looking to profit by trying to frighten patients and caregivers, and by circumventing appropriate and established channels for raising cybersecurity concerns, do not use this avenue to do so again," said Michael T. Rousseau, president and chief executive officer at St. Jude Medical.
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