NEW YORK, Dec. 11, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of Minnesota on behalf of investors who purchased St. Jude Medical, Inc. ("St. Jude" or the "Company") (NYSE:STJ) securities between October 17, 2012 and November 20, 2012 (the "Class Period").
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St. Jude manufactures and markets cardiac rhythm management systems which rely on insulated leads, including Durata leads. The complaint alleges that, during the Class Period, St. Jude concealed from shareholders that: (1) Durata leads were subject to the same or similar design flaws found in the Company's earlier generation of leads; (2) the Company's leads presented a material risk to patients and would not be a commercial success; and (3) as a result of the foregoing, St. Jude's positive statements concerning the testing, manufacturing, and potential commercial success of Durata leads lacked a reasonable basis.
On November 20, 2012, the FDA released the results of an inspection of the Company's Sylmar facility, indicating that they had concerns pertaining to the design, production, and quality control for the manufacturing process of Durata leads.
If you suffered a loss in St. Jude you have until February 5, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/stjude-medical-stj/.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP