St. Jude Medical Inc. filed a lawsuit against short-seller Muddy Waters, MedSec and related companies as well as three executives at the firms.
The lawsuit filed Wednesday alleges that Muddy Waters and the other defendants intentionally disseminated false and misleading information about St. Jude Medical’s implantable cardiac management devices to lower the value of St. Jude’s stock and profit from a drop in share value through short-selling, St. Paul, Minnesota-based company said in a statement.
“With this action, St. Jude Medical seeks to hold these firms and individuals accountable for their false and misleading tactics,” the company said, and “to set the record straight about the security of its devices.”
The lawsuit was filed in federal court in Minnesota. St. Jude is being acquired by Abbott Laboratories.