On October 17, 2012, St. Jude hosted a conference call to discuss its financial results for the third quarter of 2012. During the call, the Company 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 fell $2.09 per share, or 4.87 percent, 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. In describing the inspection results, St. Jude claimed that “none of the observations identified a specific issue regarding the clinical or field performance of any particular device.” Following this news, St. Jude’s stock price fell $1.44 per share, or 3.63 percent, to close at $38.27 per share on October 25, 2012.
Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action Lawsuits Against St. Jude Medical, Inc.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.