A deadline is coming up on December 8, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased NYSE: STJ shares between February 5, 2010 and November 20, 2012.
Investors who purchased a significant amount of shares of St Jude Medical Inc (NYSE: STJ) between February 5, 2010 and November 20, 2012, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the St Jude Medical Inc (NYSE: STJ) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/st-jude-medical-inc-nyse-stj-investor-securities-class-action-lawsuit-12072012
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is December 8, 2016. The class action administrator for this case is A.B. Data Ltd.
The lawsuit was originally filed 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.
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.
Those who purchased NYSE: STJ shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com