Abbott (NYSE:ABT) is facing an investor suit from an Alaskan union-benefits fund over allegations that St. Jude Medical, which it closed its acquisition of in January, failed to notify regulators about defective lithium batteries in its implantable defibrillators.
In the lawsuit, plaintiffs allege that St. Jude was informed of the battery defect “as early as 2011”, but it failed to take action and would wait 5 years before issuing a recall for the devices.
