NEW YORK, June 13, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at St. Jude Medical, Inc. ("St. Jude" or the "Company") (NYSE: STJ).
The investigation focuses on possible breaches of fiduciary duties by the board of directors and/or officers of the Company concerning their failure to properly disclose and take corrective action in connection with shortcomings of St. Jude's Riata leads. The Riata lead is a wire component that connects a defibrillator to a patient's heart.
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Specifically, the investigation concerns possible breaches of fiduciary duties by the Company's officers and directors arising out of their failure to take action in the face of mounting evidence that the performance of the Company's Riata leads are unsatisfactory and in many cases dangerous. Certain studies and reports, of which the board of directors and/or officers of the Company were aware, have shown failures with Riata leads that have led to serious injury and death. Nevertheless, no steps were taken to alert doctors about the alleged problems until two years after the problems first began to emerge. If the Company's Board and its management had instituted a proper system of monitoring, collecting and reporting data concerning the Riata leads, it could well have prevented needless patient deaths and the resulting loss of reputation for the Company's products among the cardiology community.
If you are a current St. Jude shareholder, and you would like to discuss your legal rights, visit www.faruqilaw.com/STJ. You can also contact us by calling Beth Keller toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding St. Jude's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Faruqi & Faruqi, LLP
Beth Keller, Esq.
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New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
E-mail: [email protected]
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