NEW YORK, June 26, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) announces that a class action suit has been filed in the United States District Court for the District of Minnesota against St. Jude Medical, Inc. ("St. Jude" or the "Company") (NYSE: STJ), Case No. 12-cv-1419, on behalf of all purchasers of St. Jude securities between December 15, 2010 and April 4, 2012 (the "Class Period").
The Complaint alleges that the defendants failed to disclose that the Company's Riata and Riata ST defibrillator leads were associated with short circuits and protruding wires, and that the Company's QuickSite and QuickFlex Left-Ventricular leads also suffered from similar issues. During the Class Period, defendants disclosed that the Riata and Riata ST leads had been observed to wear through their silicone casing and protrude into the body. St. Jude subsequently discontinued sales of those leads but defendants failed to disclose that they were also associated with short circuits unrelated to the protruding wires.
On March 27, 2012, it was reported that an independent research had performed an analysis that indicated that the Riata and Riata ST devices caused short circuits. Instead of acknowledging the truth, defendants refuted the findings, thereby causing St. Jude's stock to continue to trade at artificially inflated levels.
On April 4, 2012, the defendants finally disclosed that the QuickSite and QuickFlex Left-Ventricular leads had the same protruding wire defect as the Riata and Riata ST leads. Sales of the QuickSite and QuickFlex leads were also discontinued. Following these disclosures, the closing price of St. Jude's stock fell from $43.80 to $38.91 over three trading days, a decline of over 11%.
If you purchased St. Jude securities during the Class Period, you have until August 13, 2012 to ask the Court to appoint you lead plaintiff. Additionally, current holders of St. Jude securities purchased at any time may have a claim. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Benjamin Sachs-Michaels, Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Email: [email protected]
Attorney Advertising.© 2012 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP