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Case Status:    SETTLED
On or around 06/15/2015 (Date of order of final judgment)

Filing Date: March 18, 2010

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 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. 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.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: STJ
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Minnesota
DOCKET #: 10-CV-00851
JUDGE: Hon. Joan N. Ericksen
DATE FILED: 03/18/2010
CLASS PERIOD START: 04/22/2009
CLASS PERIOD END: 10/06/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
  3. Zimmerman Reed, LLP
    1100 IDS Center, 80 South 8th Street , Zimmerman Reed, LLP, MN 55402
    612.341.0400 612.341.0844 · info@zimmreed.com
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 10-CV-00851
JUDGE: Hon. Joan N. Ericksen
DATE FILED: 08/16/2010
CLASS PERIOD START: 04/22/2009
CLASS PERIOD END: 10/06/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date