Kessler Topaz Meltzer & Check, LLP and Motley Rice LLC Announce Proposed Settlement of Class Action Lawsuit Involving Purchasers of St. Jude Medical, Inc. Common Stock

MINNEAPOLIS, Aug. 22, 2016 /PRNewswire/ --

UNITED STATES DISTRICT COURT
DISTRICT OF MINNESOTA

SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT OF CLASS ACTION;
(II) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT
OF EXPENSES; AND (III) SETTLEMENT FAIRNESS HEARING

Please read this notice carefully.  If you are a member of the Class, your rights will be affected by a class action lawsuit pending in this Court, and you may be entitled to share in the Settlement described below.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Minnesota, that the parties in the above-captioned action (the "Action") have reached a proposed settlement for $39,250,000 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action.  A hearing will be held on November 9, 2016 at 10:00 a.m., before The Honorable Joan N. Ericksen at the United States District Court for the District of Minnesota, United States District Court, 300 South Fourth Street, 202 U.S. Courthouse, Minneapolis, MN 55415, Courtroom 12W, to determine whether: (i) the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) the Action should be dismissed with prejudice against Defendants, and the releases set forth in the Stipulation (and Settlement Notice described below) should be granted; (iii) the proposed Plan of Allocation should be approved as fair and reasonable; (iv) Class Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved; and (v) Class Representatives' request for reimbursement of costs and expenses in connection with their representation of the Class should be approved.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND.  A detailed Notice of (I) Proposed Settlement of Class Action; (II) Motion for an Award of Attorneys' Fees and Reimbursement of Expenses; and (III) Settlement Fairness Hearing ("Settlement Notice") and Proof of Claim and Release form ("Claim Form") are currently being mailed to Class Members explaining Class Members' rights in connection with the Settlement and the process for submitting a Claim Form.  If you have not yet received the detailed Settlement Notice and Claim Form, you may obtain copies of these documents by visiting www.stjudesecuritieslitigation.com, or by contacting the Claims Administrator at:

St. Jude Medical, Inc. Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173010
Milwaukee, WI  53217
(866) 905-8130
[email protected]

Inquiries, other than requests for the Settlement Notice and Claim Form, may be made to Court-appointed Class Counsel:

If you are a member of the Class, in order to be eligible to receive a payment from the Settlement, you must submit a Claim Form postmarked no later than December 8, 2016.  If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you previously submitted a request for exclusion from the Class in connection with the Notice of Pendency of Class Action dated March 29, 2016 ("Class Notice") and you wish to remain excluded from the Class, no further action is required.  If you previously submitted a request for exclusion from the Class in connection with the Class Notice and you want to opt back into the Class and be potentially eligible to receive a payment from the Settlement, you must submit a request to opt back into the Class such that it is received no later than October 20, 2016, in accordance with the instructions set forth in the Settlement Notice.  If you previously submitted a request for exclusion from the Class in connection with the Class Notice and do not opt back into the Class in accordance with the instructions set forth in the Settlement Notice, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the net proceeds of the Settlement.

If you are a Class Member, you have the right to object to the proposed Settlement, the proposed Plan of Allocation, Class Counsel's motion for attorneys' fees and reimbursement of expenses, and/or Class Representatives' request for reimbursement of costs and expenses.  Any objections must be filed with the Court and delivered to Class Counsel and Defendants' Counsel such that they are received no later than October 20, 2016, in accordance with the instructions set forth in the Settlement Notice.

Please do not contact the Court, the Clerk's office, St. Jude, or its counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Class Counsel or the Claims Administrator as listed above.

¹ At all relevant times, St. Jude Medical, Inc. common stock traded on the New York Stock Exchange under the ticker symbol "STJ."

SOURCE Kessler Topaz Meltzer & Check, LLP and Motley Rice LLC