SAN FRANCISCO--(BUSINESS WIRE)--Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the February 5, 2013 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of purchasers of the common stock of St. Jude Medical, Inc. (“St. Jude” or the “Company”) (NYSE: STJ) between October 19, 2011 and November 20, 2012, inclusive (the “Class Period”).
If you purchased the common stock of St. Jude during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 5, 2013. 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 actions and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll-free at (800) 541-7358.
St. Jude develops, manufactures, and markets cardiac rhythm management systems, which rely on insulated leads, including those marketed under the name “Durata.”
The complaints allege that, throughout the Class Period, St. Jude made false and misleading statements, and concealed material information relating to the safety, durability, and manufacturing processes of the Durata lead wires.
On October 17, 2012, St. Jude informed investors of potential advisory action by the U.S. Food and Drug Administration (the “FDA”) resulting from the FDA’s inspection of the Company’s facility in Sylmar, California. On this news, St. Jude’s stock price fell $2.09 per share to close at $40.85 per share.
On October 24, 2012, St. Jude filed a Form 8-K with the U.S. Securities and Exchange Commission regarding the FDA’s inspection of the Sylmar facility and included a heavily redacted version of the FDA’s inspection report. Following this news, St. Jude’s stock price fell $1.44 per share to close at $38.27 per share on October 25, 2012.
On November 20, 2012, the FDA released its own version of the Sylmar facility inspection report, revealing numerous concerns regarding the design, production, and quality control of the manufacturing process of Durata leads. On this news, St. Jude’s stock price fell $4.34 per share to close at $31.37 per share on November 21, 2012.
About Lieff Cabraser
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Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last ten consecutive years.
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