NEW YORK, July 20, 2016 /PRNewswire/ -- WeissLaw LLP announced that it filed a class action in the United States District Court of Minnesota on behalf of shareholders of St. Jude Medical, Inc. (NYSE:STF), seeking to pursue remedies under the Securities and Exchange Act of 1934 and state law in connection with the proposed acquisition of St. Jude by Abbott Laboratories.
On April 28, 2016, St. Jude and Abbott announced that they had entered into a definitive agreement pursuant to which St. Jude shareholders will receive $46.75 in cash and 0.8708 shares of Abbott common stock for each share of St. Jude common stock they own ("Proposed Transaction"). The complaint seeks injunctive relief on behalf of the named plaintiff and all St. Jude shareholders. The plaintiff is represented by WeissLaw, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
The complaint alleges that certain defendants breached their fiduciary duty of disclosure owed to St. Jude shareholders and, as a result, violated applicable Minnesota law. Further, it alleges that in an attempt to secure shareholder approval for the merger, the defendants filed a Registration Statement with the SEC which omitted and/or misrepresented information material to St. Jude shareholders' ability to make an informed decision whether to approve the Proposed Transaction.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Joshua M. Rubin of WeissLaw at 888.593.4771, or by e-mail at [email protected]. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from today.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing, please email us at [email protected].
SOURCE WeissLaw LLP