Tuesday, March 23, 2010

St. Jude Medical, Inc STJ Securities Stock Fraud

Company: St. Jude Medical, Inc
Ticker Symbol: STJ
Class Period: Apr-22-09 to Oct-6-09
Date Filed: Mar-22-10
Lead Plaintiff Deadline: May-21-10
Court: District Court for the District of Minnesota

An investor in St. Jude Medical filed a lawsuit in the United States District Court for the District of Minnesota on behalf of purchasers of the common stock of St. Jude Medical, Inc, between April 22, 2009 and October 6, 2009, alleging violations of Federal Securities Laws by St. Jude Medical.

According to the complaint the plaintiff alleges that St. Jude Medical 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's true financial condition, business and prospects. Then on October 6, 2009, St. Jude Medical issued a press release announcing "preliminary third quarter results," for the period ending October 3, 2009. The press release reported that St. Jude Medical was reducing its earnings guidance for the completed third quarter. In response to this announcement, the price of St. Jude Medical common stock (STJ) declined from $38.24 per share to $33.40 per share on extremely heavy trading volume.

Shares of St. Jude Medical (STJ) 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. The Company operates in four business segments: Cardiac Rhythm Management (CRM), Cardiovascular, Atrial Fibrillation and Neuromodulation Systems.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

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