BIRMINGHAM, Ala., Dec. 14, 2012 (GLOBE NEWSWIRE) -- The law firm of DONALDSON & GUIN, LLC is investigating St. Jude Medical, Inc. ("St. Jude") for potential securities law violations following its disclosure of the FDA's potential advisory action and inspection of St. Jude's manufacturing facility that produces its Durata lead wires. St. Jude develops, manufactures and markets defibrillator systems which rely on insulated lead wires, including "Durata"-branded wires.
According to Donaldson & Guin, LLC law partner, Tammy Stokes, "We believe that the Durata leads made up a material portion of St. Jude's business and that the FDA appears to be targeting St. Jude for concerns relating to the design, production and quality control of the Durata lead manufacturing process. If the company failed to disclose this information to its investors, those investors may have valuable claims against the company or certain of its officers and directors for violating federal securities laws."
A class action has been filed in federal court in Minnesota on behalf of anyone who bought St. Jude securities between October 19, 2011 and November 20, 2012, inclusive (the "Class Period"). By law, anyone who bought St. Jude securities during the Class Period has until February 5, 2013 to ask the court to name them the lead plaintiff for the lawsuit. Although an investor does not have to be named a lead plaintiff to participate in a securities class action, the lead plaintiff has more power to control the litigation and the lawyers representing the investors.
St. Jude investors who experienced large losses and who are interested in serving as lead plaintiffs for this class action lawsuit are encouraged to contact Tammy Stokes of Donaldson & Guin by email at firstname.lastname@example.org or telephone at 205-503-4512 to discuss their legal rights and options.
The law firm of Donaldson & Guin, LLC, with offices in Chicago and Birmingham, represents individuals, businesses and institutional investors in complex financial litigation, including securities, antitrust and similar litigation. For more information about the firm, please visit http://www.donaldsonguin.com. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other attorneys.