Hagens Berman Sobol Shapiro, LLP, a national investor-rights law firm, today announced it is investigating St. Jude Medical, Inc. (NYSE: STJ) (“St. Jude”) for potential violations of the securities laws and advised investors of the Feb. 5, 2013, lead plaintiff deadline in a securities lawsuit filed on their behalf.
If you purchased shares of St. Jude common stock between Oct. 17, 2012 and Nov. 20, 2012, inclusive (the “class period”), suffered significant losses and wish to move to be a lead plaintiff, you may contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000 or emailing STJ@hbsslaw.com.
The deadline to move for lead plaintiff in the filed lawsuit is Feb. 5, 2013. The lawsuit, filed on Dec. 7, 2012, in the U.S. District Court for the District of Minnesota, alleges that St. Jude and its chief executives distributed misleading information to shareholders regarding the Food and Drug Administration’s (FDA) ongoing investigation of the company’s facility in Sylmar, Calif.
In 2011, St. Jude told its physicians about abrasion failures with the company’s Riata product, a medical lead used to connect implantable cardiac defibrillators (ICDs) to the heart. This resulted in a recall of the Riata product, according to the complaint.As St. Jude developed its new ICD lead, the Durata, the FDA continued its investigation of the conditions and practices at the company’s facility in Sylmar, and as a result, the FDA issued a Form 483, a form used by FDA investigators to note objectionable conditions or practices that could ultimately result in more serious public FDA warnings. According to the lawsuit, on Oct. 17, 2012, during St. Jude's third quarter earnings announcement, the company stated that the ongoing FDA inspection of the company was likely to result in the issuance of a Form 483, but company executives failed to give specific details regarding the noted problems and the products in question. After this announcement, St. Jude publicly released a version of the Form 483, which omitted much of the FDA’s findings, the lawsuit alleges.