Guidant Corporation announced that it will sue Johnson & Johnson in an effort to force the completion of the merger of the two companies. The news came on the same day at that the SEC announced it will investigate the circumstances surrounding Guidant's recall of its faulty defibrillators and pacemakers. The device maker also released 3Q numbers which show just how bad things have gotten. Guidant's earnings are down to $795 million for the quarter, a drop of 14 percent. The company says defibrillator sales are down 31 percent.
- see this article from Red Herring