St. Jude Medical, Inc, STJ Securities Lawsuit

Company:	St. Jude Medical, Inc,
Ticker Symbol:	STJ
Class Period:	Dec-15-10 to Apr-4-12
Date Filed:	Jun-19-12
Lead Plaintiff Deadline:	Aug-18-12
Court:	District of Minnesota
Allegations:

New York, NY: A securities class action suit has been filed in the United States District Court for the District of Minnesota on behalf of purchasers of common stock of St. Jude Medical, Inc. ("St. Jude" or the "Company") (NYSE: STJ) between December 15, 2010 and April 4, 2012, inclusive (the "Class Period").

The complaint charges St. Jude and certain of its officers with violations of the Securities Exchange Act of 1934. According to the Complaint, during the Class Period, defendants told investors that two of the Company's defibrillator leads, the Riata and Riata ST electrical wire, had been observed to wear through the silicone casing meant to contain them and protrude into the body. Though sales of the Riata and Riata ST were discontinued, the complaint alleges that the Company failed to disclose the full extent of the problems with its products. In particular, it is alleged that the defendants failed to disclose that: (a) the Riata and Riata ST defibrillator leads were also associated with short circuits unrelated to the protruding wires; (b) that although less frequent than the protrusions, the short circuits were much more dangerous; (c) and that two other leads sold by the company, the QuickSite and QuickFlex Left-Ventricular leads, also suffered from the same protruding wires that plagued the Riata and Riata ST.

On April 4, 2012, the defendants disclosed that the QuickSite and QuickFlex Left-Ventricular leads suffered from the same protruding wire defect as the Riata and Riata ST. As a result, sales of the QuickSite and QuickFlex Left-Ventricular leads were also discontinued. Following these disclosures, the price of the Company's stock declined over 11%, closing at $38.91 on April 9, 2012.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

St. Jude Medical, Inc, STJ Securities Fraud Legal Help

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Published on Jun-20-12