NEW YORK, June 20, 2012 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces that a class action suit was filed in the United States District Court for the District of Minnesota on behalf of purchasers of common stock of St. Jude Medical, Inc. ("St. Jude" or the "Company") (NYSE: STJ) between December 15, 2010 and April 4, 2012, inclusive (the "Class Period").
The complaint charges St. Jude and certain of its officers with violations of the Securities Exchange Act of 1934. According to the Complaint, during the Class Period, defendants told investors that two of the Company'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. Though sales of the Riata and Riata ST were discontinued, the complaint alleges that the Company failed to disclose the full extent of the problems with its products. In particular, it is alleged that the defendants failed to disclose that: (a) the Riata and Riata ST defibrillator leads were also associated with short circuits unrelated to the protruding wires; (b) that although less frequent than the protrusions, the short circuits were much more dangerous; (c) and that two other leads sold by the company, the QuickSite and QuickFlex Left-Ventricular leads, also suffered from the same protruding wires that plagued the Riata and Riata ST.
On April 4, 2012, the defendants disclosed that the QuickSite and QuickFlex Left-Ventricular leads suffered from the same protruding wire defect as the Riata and Riata ST. As a result, sales of the QuickSite and QuickFlex Left-Ventricular leads were also discontinued. Following these disclosures, the price of the Company's stock declined over 11%, closing at $38.91 on April 9, 2012.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. August 13, 2012 is the deadline for investors to seek a lead plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
eitan@bgandg.com
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