Welcome!

News Feed Item

Barrack, Rodos & Bacine Files Class Action Lawsuit Against St. Jude Medical, Inc.

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 [email protected].  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

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU's GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes. In...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessio...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Announcing Poland #DigitalTransformation Pavilion
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
CloudEXPO | DXWorldEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.