The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of all persons who purchased 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.
Background on the St. Jude Securities Class LitigationThe actions charge St. Jude and certain of its officers and directors with violations of the Securities Exchange Act of 1934. St. Jude, a global medical device company headquartered in St. Paul, Minnesota, 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. Specifically, defendants allegedly failed to disclose that: (1) Durata leads were subject to the same or similar design flaws found in St. Jude’s earlier generation of leads; (2) there were significant deficiencies in the design, manufacturing, testing, and quality control processes for Durata leads; and (3) as a result of the foregoing, St. Jude lacked a reasonable basis to tout the testing and manufacturing processes underlying the leads and its proprietary insulation material called “Optim,” to characterize the Durata leads as an improvement over its earlier generation of leads, and to claim that the Durata leads would be commercially successful.