St. Jude Medical, Inc. (2010)
Class Period: Apr 22, 2009 to Oct 6, 2009
Lead Plaintiff Deadline: May 17, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against St. Jude Medical, Inc. (2010) (STJ) ("St. Jude" or the "Company") on behalf of all securities purchasers from April 22, 2009 through October 6, 2009, inclusive ("Class Period"), in the United States District Court of Minnesota.
The Complaint alleges that throughout the Class Period, defendants failed to disclose material adverse facts about St. Jude's true financial condition, business and prospects. Specifically, defendants failed to disclose: (i) that the Company was experiencing a slowdown in demand for its products as hospitals reduced purchases and delayed purchasing decisions; (ii) that the Company was not receiving anticipated orders for cardiac rhythm management devices; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its earnings and prospects.
On October 6, 2009, St. Jude issued a press release announcing "preliminary third quarter results," for the period ending October 3, 2009. The press release reported that the Company was reducing its earnings guidance for the completed third quarter. In response to this announcement, the price of St. Jude common stock declined from $38.24 per share to $33.40 per share on extremely heavy trading volume.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.