St. Jude Medical Investors File Securities Class Action Lawsuit Against St. Jude Medical Over Cardiac Rhythm Management Device Orders
A securities class action lawsuit was filed against St. Jude Medical in the United States District Court for the District of Minnesota on behalf of purchasers of St. Jude Medical publicly traded common stock securities between April 22, 2009 and October 6, 2009 (the class period), for violations of the federal securities laws, according to a securities class action lawsuit news report.
The St. Jude Medical class action complaint reportedly alleges, among other things, that defendants failed to disclose material adverse facts about St. Jude Medical’s true financial condition, business and prospects, including the alleged fact that St. Jude Medical was experiencing a slowdown in demand for its products as hospitals reduced purchases and delayed purchasing decisions and that it was not receiving anticipated orders for cardiac rhythm management devices.
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