A lawsuit was filed for investors in shares of St. Jude Medical, Inc. (NYSE:STJ) in connection with the proposed takeover was announced and NYSE:STJ stockholders should contact the Shareholders Foundation.

San Diego, CA -- (SBWire) -- 05/09/2016 --The Shareholders Foundation announced that an investor who currently holds shares of St. Jude Medical, Inc. (NYSE:STJ), filed a lawsuit in effort to halt the proposed takeover of St. Jude Medical, Inc. by Abbott is unfair to NYSE:STJ stockholders.

Investors who purchased shares of St. Jude Medical, Inc. (NYSE:STJ) and currently hold any of those NYSE:STJ shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:STJ stockholders by agreeing to sell St. Jude Medical, Inc too cheaply via an unfair process to Abbott

On April 28, 2016, Abbott and St. Jude Medical, Inc. (NYSE:STJ) announced an agreement for Abbott to acquire St. Jude Medical, Inc. Under the agreement, St. Jude Medical, Inc. shareholders will receive $46.75 in cash and 0.8708 shares of Abbott common stock, representing total consideration of approximately $85 per share.

However, plaintiff claims that the proposed consideration NYSE:STJ shareholders will receive is grossly inadequate and undervalues St. Jude Medical, Inc. The plaintiff claims that Abbott denied rumors last year that it was planning to acquire St. Jude Medical, causing shares to plunge, before buying St. Jude at a discounted price. In addition, the plaintiff alleges that the process is also unfair to NYSE:STJ stockholders.

On May 5, 2016, NYSE:STJ shares closed at $75.51 per share.

Those who are current investors in St. Jude Medical, Inc. shares have certain options and should contact the Shareholders Foundation.

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