Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  St. Jude Medical, Inc.    STJ

SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

St. Jude Medical, Inc. : Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against St. Jude Medical, Inc.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/11/2012 | 12:15am CET

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Minnesota on behalf of all persons or entities that purchased the common stock of St. Jude Medical, Inc. ("St. Jude" or the "Company") (NYSE: STJ) between October 17, 2012 and November 20, 2012, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").

If you purchased shares of St. Jude during the Class Period, or purchased shares prior to the Class Period and still hold St. Jude, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/investigations/st-jude-medical-inc-stj-durata.

St. Jude, a Minnesota corporation headquartered in St. Paul, Minnesota, develops, manufactures and distributes cardiovascular medical devices for the global cardiac rhythm management, cardiology and cardiac surgery and atrial fibrillation therapy areas and neurostimulation medical devices for the management of chronic pain. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the Defendants concealed relevant information from the investment community relating to a report issued by the United States Food and Drug Administration ("FDA") for one of its chief products, the Durata defibrillation lead. As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period. Capitalizing on this was the Company's Chief Executive Officer, Daniel J. Starks, who took advantage of the artificially inflated prices of St. Jude stock, and sold 200,000 shares for proceeds totaling more than $7.6 million.

According to the Complaint, the Company stated during an October 17, 2012 earnings call that a St. Jude production facility located in Sylmar, California was undergoing an FDA inspection. This inspection was expected to generate the issuance of a "Form 483" - a form used by FDA investigators to list observations of objectionable conditions found during the course of an inspection. On October 24, 2012, the Company filed a Form 8-K with the United States Securities and Exchange Commission ("SEC"), attaching a heavily redacted version of the Form 483 issued by the FDA. The version released by the Company fails to include any product name associated with the inspection results.

However, on November 20, 2012, the FDA released its own version of the Form 483 for its inspection of the Sylmar facility. The version released by the FDA, while still redacted, nevertheless showed clearly that most of the observations of objectionable conditions listed on the form pertained to Durata. Despite knowing that most of the inspection report concerned issues pertaining to Durata, the defendants chose to conceal this information from the investing public by issuing the heavily redacted version. On this news, shares in St. Jude declined 12%, from a close of $35.71 per share on November 20, 2012 to $31.37 per share on November 21, 2012, on volume of over 26 million shares.

If you wish to serve as lead plaintiff, you must move the Court no later than February 5, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
888-969-4242
516-683-3516
Fax: 302-654-7530
info@rigrodskylong.com
http://www.rigrodskylong.com


© Business Wire 2012
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ST. JUDE MEDICAL, INC.
02/24 ST JUDE MEDICAL : Patent Issued for Systems, Apparatuses and Methods for Reducin..
02/24 ST JUDE MEDICAL : Patent Issued for Transcatheter Heart Valve Delivery Deploymen..
02/24 ST JUDE MEDICAL : Patent Issued for Cardiovascular Valve and Valve Housing Appar..
02/24 ST JUDE MEDICAL : Patent Issued for Method and Apparatus for Radiofrequency Abla..
02/24 ST JUDE MEDICAL : Patent Issued for Alignment of an Implantable Medical Device (..
02/16 ST JUDE MEDICAL : Patent Issued for Ablation System, Methods, and Controllers (U..
02/16 ST JUDE MEDICAL : Patent Issued for System and Method for Rendering an Image of ..
02/10 ABBOTT LABORATORIES : Labs halts use of HeartMate PHP blood pump after death, ma..
02/09 ST JUDE MEDICAL : An Application for the Trademark "CENTRIMAG" Has Been Filed by..
02/09 ST JUDE MEDICAL : Patent Issued for Leaflet in Configuration for Function in Var..
More news
Sector news : Medical Devices & Implants
02/21DJMEDTRONIC : Earnings Fall, Sales Rise -- Update
02/21 MEDTRONIC : sales, profit beat estimates; shares rise
02/21DJMEDTRONIC : Earnings Fall, Sales Rise
02/16 STRAUMANN : on hunt for 3D printer partner, could take stake - CEO
02/09 Smith & Nephew hurt by tough markets in China and Gulf states
More sector news : Medical Devices & Implants
News from SeekingAlpha
02/17 GLAZER CAPITAL : Merger Arbitrage With Convertibles - A Lower Risk Alternative
02/15 Panel To Stand Sentinel Over Embolic Filter
02/01 Dividend Champions For February 2017
01/25 U.S. Medtech Approvals Dip, But Could Pick Up In 2017
01/11 Medtech Mergers And Acquisitions Regresses To The Mean In 2016
Advertisement
Financials ($)
More Financials
Chart ST. JUDE MEDICAL, INC.
Duration : Period :
St. Jude Medical, Inc. Technical Analysis Chart | STJ | US7908491035 | 4-Traders
Full-screen chart
Technical analysis trends ST. JUDE MEDICAL,...
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Technical analysis
Income Statement Evolution
More Financials
Consensus 
Mean consensus
Number of Analysts
Average target price -
Spread / Average Target
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Michael T. Rousseau President, Chief Executive Officer & Director
Daniel J. Starks Executive Chairman
Scott P. Thome Vice President-Global Operations & Supply Chain
Donald J. Zurbay Chief Financial Officer & Vice President
Mark D. Carlson Chief Medical Officer & VP-Global Clinical Affairs
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
ST. JUDE MEDICAL, INC.0.79%0
STRYKER CORPORATION7.40%48 202
SMITH & NEPHEW PLC-1.23%13 153
WRIGHT MEDICAL GROUP N..22.58%2 899
GLAUKOS CORP30.85%1 550
OSSTEM IMPLANT CO LTD--.--%746
More Results