San Diego, CA -- (SBWIRE) -- 07/10/2012 -- Certain St. Jude Medical directors and officers are under the investigation for current long-term investors in St. Jude Medical, Inc. (NYSE:STJ) shares over possible breaches of fiduciary duties.
Investors who are current long term investors in St. Jude Medical, Inc. (NYSE:STJ) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in St. Jude Medical, Inc. (NYSE:STJ) stocks follows a lawsuit filed earlier by shareholders who purchased NYSE:STJ shares only between December 15, 2010 and April 4, 2012. . The investigation on behalf of current long term investors in St. Jude Medical, Inc. (NYSE:STJ) stocks, including also those who purchased within or prior to the above stated time frame, concerns whether certain St. Jude Medical officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of Minnesota the plaintiff alleges that St. Jude Medical, Inc. violated the Securities Exchange Act of 1934.Specifically, the plaintiff alleges that the defendants failed to disclose and misrepresented that St. Jude Medical's Riata and Riata ST defibrillator leads were associated with short circuits and protruding wires, and that its QuickSite and QuickFlex Left-Ventricular leads also suffered from protruding wires. A "lead" is a wire that connects a defibrillator to the heart.
The plaintiff says that between December 15, 2010 and April 4, 2012, the defendants allegedly told investors that two of St. Jude Medical's defibrillator leads, the Riata and Riata ST electrical wire, had been observed to wear through the silicone casing meant to contain them and protrude into the body and St. Jude Medical thereafter discontinued sales of the Riata and Riata ST.
However, so the lawsuit, the defendants allegedly failed to disclose the full extent of the problems with its products.
On March 27, 2012,an article disclosed the results of an analysis performed by an independent researcher, which indicated that the Riata and Riata ST caused short circuits.
Then on April 4, 2012, so the plaintiff, the defendants disclosed that the QuickSite and QuickFlex Left-Ventricular leads also suffered from the same protruding wire defect as the Riata and Riata ST and as a result, sales of the QuickSite and QuickFlex Left-Ventricular leads were also discontinued.
NYSE:STJ shares fell from as high as $44.31 per share on March 30, 2012 to as low as $35.55 per share on June 15, 2012.
On July 9, 2012, NYSE:STJ closed at $39.26 per share.
Those who purchased St. Jude Medical, Inc. (NYSE:STJ) securities, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego