St Jude Medical Inc (NYSE: STJ) Investor Securities Class Action Lawsuit 12/07/2012

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

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
St. Jude Medical
Case Name: 
St. Jude Medical Shareholder Class Action Lawsuit 12/07/2012
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: STJ
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/07/2012
Class Period Begin: 
02/05/2010
Class Period End: 
11/20/2012
Court of Filing: 
U.S. District Court for the District of Minnesota
Deadline To File for Lead: 
02/05/2013
Date Settled: 
07/13/2016
Settlement Amount: 
$39,250,000
Deadline to Participate in Settlement: 
12/08/2016
Summary: 

November 9, 2016 - 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.

July 13, 2016 - The court preliminarily approved the settlement.

July 7, 2016 - Parties filed a stipulation of settlement.

October 7, 2014 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased St Jude Medical Inc (NYSE: STJ) common shares between February 5, 2010 and November 20, 2012. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 5, 2010 and November 20, 2012.

March 10, 2014 - The court granted in part and denied in part the defendants' motion to dismiss.

September 3, 2013 - Defendants filed a motion to dismiss.

June 25, 2013 - The lead plaintiffs filed an amended consolidated complaint.

March 15, 2013 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

February 5, 2013 - Lead plaintiff motions were filed.

December 7, 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 made between October 17, 2012 and November 20, 2012.

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 Inc’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 Medical Inc 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.