Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against St. Jude Medical, Inc.
Glancy Binkow & Goldberg LLP announces that all purchasers of the common stock of St. Jude Medical, Inc. (“St. Jude Medical” or the “Company”) (NYSE: STJ) between October 19, 2011 and November 20, 2012, inclusive (the “Class Period”), have until February 5, 2013 to file a motion with the Court to be appointed as lead plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the District of Minnesota.
St. Jude Medical develops, manufactures and distributes cardiovascular and implantable neurostimulation medical devices worldwide. The Complaint alleges that throughout the Class Period the defendants issued false and misleading statements or failed to disclose material adverse facts concerning the Company's next-generation implantable cardioverter defibrillator system (ICD), known as Durata. Specifically, defendants knew or recklessly disregarded but failed to disclose that: (1) Durata leads were subject to the same or similar design flaws that resulted in abrasion and wire exposure risks in previous-generation ICD leads; (2) the Company's design, manufacture, testing and quality control processes for ICD leads were deficient, such that the Company's leads, including the Durata's, presented a material risk to patients and would not be a commercial success; and (3) as a result of the foregoing, St. Jude Medical lacked a reasonable basis to tout the testing and manufacturing processes underlying Durata and the Company's proprietary insulation material – “Optim” – to project that Durata leads would be a commercial success and characterize the Durata leads as an improvement over its previous-generation leads.
If you purchased St. Jude Medical common stock between October 19, 2011 and November 20, 2012, you may move the Court no later than February 5, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent Class member. To learn more about this action, or if you have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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