MURRAY, FRANK & SAILER LLP is investigating securities fraud claims against St. Jude Medical, Inc. ("St. Jude" or the "Company") (NYSE:STJ) and certain of its officers, on behalf of purchasers of St. Jude securities between April 22, 2009 and October 6, 2009, inclusive (the "Class Period").
It is alleged that throughout the Class Period, defendants failed to disclose material adverse facts about the Company'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. On this news, the price of St. Jude common stock dropped $4.84, or 12.7%, to close at $33.40 on extremely heavy trading volume.
If you purchased St. Jude securities within the Class Period, you may move the Court, not later than May 17, 2010, to serve as Lead Plaintiff for the class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you wish to discuss this litigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
MURRAY, FRANK & SAILER LLP