Navigation Links
Barrack, Rodos & Bacine Files Class Action Lawsuit Against St. Jude Medical, Inc.
Date:12/7/2012

PHILADELPHIA, Dec. 7, 2012 /PRNewswire/ -- Barrack, Rodos & Bacine announces that it has filed a class action lawsuit in the United States District Court for the District of Minnesota, Freedman v. St. Jude Medical, Inc., et al., No. 12-03070-RHK-JJG, 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 (the "Class Period").

The complaint charges St. Jude and its chief executive with violations of the Securities Exchange Act of 1934.  St. Jude manufactures and markets medical device products, including the leads that connect implantable cardiac defibrillators (ICDs) to the heart.

The complaint alleges that during the Class Period, St. Jude issued a series of misleading statements concerning an inspection by the U.S. Food and Drug Administration (FDA) of the company's Sylmar, CA production facility.  In 2011, one type of ICD lead manufactured by St. Jude, known as the Riata, was recalled due to instances in which the insulation of the Riata leads had experienced so-called "inside-out" abrasion failures.  In the wake of this recall, investors expressed significant interest in the performance of a next-generation ICD lead manufactured by St. Jude, known as the Durata.  On October 17, 2012, on St. Jude's third quarter earnings conference call, St. Jude stated that an ongoing FDA inspection of the company's Sylmar, CA facility was likely to result in the issuance of a "Form 483," a form used by FDA investigators to note objectionable conditions or practices, and could ultimately result in the FDA issuing a Warning Letter to the company.  Company officials declined to specify the nature of the problems at the facility or the products affected by them.  One week later, St. Jude publicly released a heavily redacted version of the Form 483 that the company had received from the FDA.  Among other information concealed were the names of any St. Jude products.  Defendants knew, but failed to disclose, that most of the observations of objectionable conditions listed on the Form 483 related to the Durata product.

On November 20, 2012, after the close of the market, 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. On this news, St. Jude stock fell by $4.34 or 12%, to close the next day at $31.37 on heavy volume.             

Plaintiff seeks to recover damages on behalf of all purchasers of St. Jude common stock during the Class Period.  The plaintiff is represented by Barrack, Rodos & Bacine, which has significant experience in prosecuting shareholder claims on behalf of investors in cases involving FDA-regulated companies.  For more than 35 years, Barrack, Rodos & Bacine has successfully litigated major securities actions in courts throughout the United States.  As compiled by the Securities Class Action Clearinghouse at Stanford University and Cornerstone Research, Barrack, Rodos & Bacine has served as a lead counsel in some of the most successful securities class action cases, recovering over $11 billion for injured investors over the past dozen years, including three of the top ten case settlements.  

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today.  To discuss your rights regarding the appointment of lead plaintiff and for additional information about your interest in this class action, please contact plaintiff's counsel, Barrack Rodos & Bacine, at 215-963-0600, or via e-mail to Robert A. Hoffman at rhoffman@barrack.com.  A copy of the complaint is available from the Court or from Barrack Rodos & Bacine by visiting our website at www.barrack.com/news.html.


'/>"/>
SOURCE Barrack, Rodos & Bacine
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Suture Express Files Antitrust Lawsuit Against Cardinal Health and Owens & Minor
2. Hanger, Inc. Has Record Year In O&P Acquisitions:
3. Frost & Sullivan: TNF Inhibitors Lay the Groundwork for the Next Generation of Disease-Modifying Anti-Rheumatic Drugs
4. Private Healthcare Facilities Strengthen Cardiac Patient Monitoring Devices Market in CEE, Finds Frost & Sullivan
5. Salix Pharmaceuticals Donates $500,000 To ASGEs IT&T Capital Campaign To Build A New State-of-the-Art GI Training Center
6. Double-digit Growth Rate of the Pharmaceuticals Industry in Asia Pacific Boosts the API Market, Finds Frost & Sullivan
7. U.S. News & World Report and Pharmacy Times Introduce New Pharmacist-recommended Health Product Website
8. High Degree of Disease Prevalence Sustains Diabetes Diagnostics Market in Europe, Finds Frost & Sullivan
9. Frost & Sullivan: Investments in Healthcare Improvements to Bolster the Integration of Picture Archiving and Communications Systems in Latin America
10. SHAREHOLDER ALERT: Morgan & Morgan announces an investigation of Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) and whether senior management and the board of directors violated fiduciary duties owed to Vertex shareholders.
11. Cynosure to Present at Canaccord Genuity Medical Technology & Diagnostics Forum
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/24/2017)... HILL, N.C. , Feb. 24, 2017 /PRNewswire/ ... are exploring ways to increase their self-service capabilities ... Health Care Providers (HCPs). New research ... many pharma organizations have developed self-service website portals ... electronically.  This is just one of many findings ...
(Date:2/24/2017)... ITL Limited, ( ASX : ITD ), une société de ... excellents résultats semestriels clos le 31 décembre 2016 par ... « Résultats et mise à jour sur la croissance biomédicale ... Faits marquants Bénéfice ... hausse de 104 %) Bénéfice par action ...
(Date:2/24/2017)... , Feb 24, 2017 ... Committee,s proposal for a new Board of Directors that ... The 2016-2017 Nomination Committee comprises representatives of the company,s ... quarter of 2016 who have accepted a seat on ... The composition of the 2016-2017 Nomination Committee was as ...
Breaking Medicine Technology:
(Date:2/23/2017)... Chapel Hill, NC (PRWEB) , ... February 23, 2017 , ... ... the Platinum Sponsor for ACPA’s 74th Annual Meeting. KLS is a longtime supporter ... in 2017 as an exhibitor and Platinum Sponsor," said Dr. Bob Havlik, 2017 ACPA ...
(Date:2/23/2017)... ... ... Hamlin Dental Group and Dr. Hamid Reza, dentist in North Hollywood ... of February, patients who visit Hamlin Dental Group will receive a ticket for a ... the Cheesecake Factory. , Tickets are available for routine dental visits and other ...
(Date:2/23/2017)... ... February 23, 2017 , ... EBSCO ... the National Institute for Health and Care Excellence (NICE) framework. The ... National Health Service (NHS) to search, order and purchase medical and healthcare-related content ...
(Date:2/23/2017)... Nevada (PRWEB) , ... February 23, 2017 , ... Dr. ... Avenue in Henderson, NV 89052. Dr. Mahon was named a 2017 Top Patient Rated ... Doctors is an online directory that recognizes local physicians and dentists who have ...
(Date:2/23/2017)... ... February 23, 2017 , ... ... in clinical trials, today announced that Premier Research, a leading clinical development service ... Clinical trials are becoming increasingly complex, due in part to an array of ...
Breaking Medicine News(10 mins):