Shareholders Foundation, Inc.

New Lawsuit for Certain St. Jude Medical, Inc. (NYSE:STJ) Investors Filed over Alleged Violations of Securities Laws

A lawsuit was filed for certain investors in shares of St. Jude Medical, Inc. (NYSE:STJ) over alleged securities laws violations. Deadline: Feb. 5, 2013. NYSE:STJ investors should contact the Shareholders Foundation.

 
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San Diego, CA -- (SBWIRE) -- 12/10/2012 -- An investor in shares of St. Jude Medical, Inc. (NYSE:STJ) filed a lawsuit in the U.S. District Court for the District of Minnesota against St. Jude Medical, Inc. over alleged securities laws violations in connection with certain allegedly false and misleading statements.

Investors who purchased shares of St. Jude Medical, Inc. (NYSE:STJ) between October 17, 2012 through and including November 20, 2012, have certain options and there are sort and strict deadlines running. Deadline: Feb. 5, 2013. NYSE:STJ investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of purchasers of common stock of St. Jude Medical, Inc. (NYSE:STJ) during the period from October 17, 2012 through and including November 20, 2012, that St. Jude Medical, Inc. and its chief executive violated that Securities Exchange Act of 1934.

St. Jude Medical, Inc. (NYSE:STJ) reported that its Total Revenue rose from over $4.36 billion for the 53 weeks period that ended on Jan. 3, 2009 to over $5.61 billion for the 52 weeks period that ended on Dec. 31, 2011 and that its Net Income for the respective time periods increased from $353.02 million to $825.79 million.

However, while St. Jude Medical’s Total Revenue rose from over $5.16 billion for the 52 weeks period that ended on Jan 1, 2011 to $5.61 billion for the 52 weeks period that ended on Dec. 31, 2011 its Net Income decreased from $907.44 million to $825.79 million.

Shares of St. Jude Medical, Inc. (NYSE:STJ) grew from as low as $31.02 per share in Jan 2009 to as high as $53.44 per share in April 2011, but decreased to as low as $32.95 per share in December 2011.

More specifically, the plaintiff claims that St. Jude Medical, Inc issued a series of allegedly misleading statements concerning an inspection by the U.S. Food and Drug Administration (“FDA”) of the company's Sylmar, CA production facility.

On October 17, 2012, St. Jude Medical, Inc reported its third quarter results. During a conference call, St. Jude stated that an ongoing FDA inspection of the company's Sylmar, CA facility was likely to result in the issuance of a "Form 483".

The plaintiff says that company officials declined to specify the nature of the problems at the facility or the products affected by them.

On October 24, 2012, St. Jude Medical, Inc disclosed in a filing with the SEC that in late September 2012, the Food and Drug Administration (“FDA”) commenced an inspection of St. Jude Medical, Inc.’s Sylmar, California facility, and, following such inspection, issued eleven observations on a Form 483.

The plaintiff alleges that St. Jude Medical, Inc released a heavily redacted version of the Form 483 that the company had received from the FDA and among other information concealed the names of any St. Jude Medical, Inc. products. The plaintiff claims that defendants allegedly knew, but failed to disclose, that most of the observations of objectionable conditions listed on the Form 483 related to the Durata product.

Then after the close of the market on November 20, 2012, so the plaintiff, media outlets reported on the FDA's release of its own version of the same Form 483 issued to the Sylmar, CA facility, which showed that most of the identified problems pertained to the Durata lead.

Shares of St. Jude Medical, Inc. (NYSE:STJ) declined from $33.49 per share on Nov. 21, 2012 to $30.575 per share on Nov. 21, 2012.

Those who purchased shares of St. Jude Medical, Inc. (NYSE:STJ), have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Jacob Rosenfeld
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com