SAN FRANCISCO--(BUSINESS WIRE)--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.
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 responsibility.
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.
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