St. Jude Medical, Inc. : Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action Lawsuit Against St. Jude Medical, Inc.
06/26/2012| 09:15am US/Eastern
The law firm of Lieff
Cabraser Heimann & Bernstein, LLP announces that a class action
lawsuit has been brought on behalf of all persons who purchased the publicly
traded securities of St. Jude Medical, Inc. ("St. Jude" or the
"Company") (NYSE: STJ) between December 15, 2010 and April 4, 2012,
inclusive (the "Class Period").
If you purchased the publicly traded securities of St. Jude during the
Class Period, you may move the Court for appointment as lead plaintiff
by no later than August 13, 2012. A lead plaintiff is a representative
party who acts on behalf of other class members in directing the
litigation. Your share of any recovery in the action will not be
affected by your decision of whether to seek appointment as lead
plaintiff. You may retain Lieff Cabraser, or other attorneys, as your
counsel in the action.
St. Jude shareholders who wish to learn more about the action and how to
seek appointment as lead plaintiff should click
here or contact Sharon
Lee of Lieff Cabraser toll free at (800) 541-7358.
on the St. Jude Securities Class Litigation
The Complaint charges St. Jude and its Chairman, Chief Executive
Officer, and President with violations of the Securities Exchange Act of
1934. St. Jude, headquartered in St. Paul, Minnesota, develops,
manufactures and distributes cardiovascular medical devices.
The Complaint alleges that the defendants failed to disclose that St.
Jude's Riata and Riata ST defibrillator leads, or wires that connect a
defibrillator to the heart, were associated with short circuits and
protruding wires, and that the Company's QuickSite and QuickFlex
Left-Ventricular leads also suffered from protruding wires. During the
Class Period, defendants disclosed that the Riata and Riata ST leads had
been observed to wear through their silicone casing and protrude into
the body. St. Jude subsequently discontinued sales of those leads but
defendants failed to disclose that they were also associated with short
circuits unrelated to the protruding wires.
On March 27, 2012, The New York Times reported the results of an
analysis performed by an independent researcher, Dr. Robert Hauser, that
indicated that the Riata and Riata ST devices caused short circuits. In
response, defendants challenged Dr. Hauser's findings, thereby causing
St. Jude's stock to continue to trade at artificially inflated levels.
On April 4, 2012, the defendants finally disclosed that the QuickSite
and QuickFlex Left-Ventricular leads had the same protruding wire defect
as the Riata and Riata ST leads. Sales of the QuickSite and QuickFlex
leads were also discontinued. Following these disclosures, the closing
price of St. Jude's stock fell from $43.80 to $38.91 over three trading
days, a decline of over 11%.
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York and Nashville, is a nationally recognized law firm
committed to advancing the rights of investors and promoting corporate
Since 2003, the National Law Journal has selected Lieff
Cabraser as one of the top plaintiffs' law firms in the nation. In
compiling the list, the National Law Journal examined recent
verdicts and settlements in addition to overall track records. Lieff
Cabraser is one of only two plaintiffs' law firms in the United
States to receive this honor for the last nine consecutive years.
For more information about Lieff Cabraser and the firm's representation
of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
For Media Inquiries Only:
Cabraser Heimann & Bernstein, LLP
M. Lee, 800-541-7358
© Business Wire 2012