St. Jude Medical, Inc. ("St. Jude" or the Company) is an American global medical device company headquartered in Minnesota.

The original Complaint alleges that throughout the Class Period, Defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the Complaint alleges that Defendants failed to disclose: (i) that St. Jude 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 St. Jude, 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. In response to this announcement, the price of St. Jude common stock declined from $38.24 per share to $33.40 per share on extremely heavy trading volume.

On June 16, 2010, Magistrate Judge Jeffrey J. Keyes signed the Order granting the motion to appoint the Building Trades United Pension Trust Fund as lead Plaintiff. According to the Order, the lead Plaintiff must file an Amended Complaint on or before June 25, 2010. The lead Plaintiff's selection of Robbins Geller Rudman & Dowd, L.L.P., as lead Counsel and Zimmerman Reed, P.L.L.P., as liaison Counsel for the class is also approved.

On August 16, 2010, the lead Plaintiff filed a Consolidated Amended Class Action Complaint for Violation of the Federal Securities Laws. The Defendants responded by filing a motion to dismiss the Consolidated Amended Class Action Complaint on October 15, 2010. On April 15, 2011, the motion was heard before Judge Susan Richard Nelson. The motion was submitted, argued and taken under advisement.

According to the Memorandum Opinion and Order signed by Judge Susan Richard Nelson on December 23, 2011, the Defendants' motion to dismiss [Doc. No. 36] is granted in part (insofar as it seeks dismissal of Count I with respect to Defendants Fain and Rousseau) and denied in part (insofar as it seeks dismissal of Count I with respect to Defendants Starks and Heinmiller and insofar as it seeks dismissal of Count II).

On October 25, 2012, the Court issued an Order granting class certification.

On February 18, 2015, the parties entered into a Settlement Agreement. This Settlement was preliminarily approved by the Court on March 9.

The Court issued a Final Judgment and ordered this case dismissed with prejudice on June 12, 2015.