St. Jude Medical Inc (NYSE: STJ) Investor Securities Class Action Lawsuit 03/18/2010

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Company Name(s): 
St. Jude Medical
Case Name: 
St. Jude Medical Shareholder Class Action Lawsuit 03/18/2010
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: STJ
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/18/2010
Class Period Begin: 
04/22/2009
Class Period End: 
10/06/2009
Court of Filing: 
U.S. District Court for the District of Minnesota
Deadline To File for Lead: 
05/17/2010
Date Settled: 
03/09/2015
Settlement Amount: 
$50,000,000
Deadline to Participate in Settlement: 
06/24/2015
Summary: 

June 12, 2015 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

March 9, 2015 - The court preliminarily approved the settlement.

February 26, 2015 - Parties filed a stipulation of settlement.

December 23, 2011 - The court granted in part and denied in part the defendants' motion to dismiss.

October 15, 2010 - The defendants filed a motion to dismiss.

August 16, 2010 - The lead plaintiff filed an amended complaint.

June 16, 2010 - The lead plaintiff and lead counsel were appointed.

May 17, 2010 - A lead plaintiff motion was filed.

March 18, 2010 - 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 violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 22, 2009 and October 6, 2009.

According to the complaint the plaintiff alleges that St Jude Medical Inc and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing to disclose between April 22, 2009 and October 6, 2009, material adverse facts about St Jude Medical Inc's true financial condition, business and prospects. Then on October 6, 2009, St Jude Medical Inc issued a press release announcing "preliminary third quarter results," for the period ending October 3, 2009. The press release reported that St Jude Medical Inc was reducing its earnings guidance for the completed third quarter. In response to this announcement, the price of St Jude Medical Inc common stock (NYSE: STJ) declined from $38.24 per share to $33.40 per share on extremely heavy trading volume. Shares of St Jude Medical Inc traded recently at $39.41 per share, down from its 52 week High of $41.96 per share, $47.97 per share in August 2008, and over $53 per share in 2006.

St Jude Medical Inc, located in St. Paul, MN, develops, manufactures and distributes cardiovascular medical devices for the global cardiac rhythm management, cardiology and cardiac surgery and atrial fibrillation therapy areas and implantable neurostimulation devices for the management of chronic pain. St Jude Medical Inc operates in four business segments: Cardiac Rhythm Management (CRM), Cardiovascular, Atrial Fibrillation and Neuromodulation Systems. St Jude Medical Inc reported in 2007 Total Revenue of $3.77928 billion with a Net Income of $559.04 million, in 2008 Total Revenue of $4.36325 billion with a Net Income of $384.33 million, and in 2009 Total Revenue of $4.68127 billion with a Net Income of $777.23 million.