COLCHESTER, Conn., May 4, 2006 (PRIMEZONE) -- On May 4, 2006, Scott+Scott filed a securities class action against St. Jude Medical, Inc. (NYSE:STJ) ("St. Jude Medical" or the "Company"), in the United States District Court for the District of Minnesota on behalf of all securities purchasers from January 25, 2006 through April 4, 2006, inclusive ("Class Period"). St. Jude, together with its subsidiaries, develops, manufactures and distributes cardiovascular medical devices for the global cardiac rhythm management, cardiac surgery, cardiology and atrial fibrillation therapy areas as well as implantable neuromodulation devices. According to the complaint, defendants made false and misleading statements in the Company's public financial statements, thereby artificially inflating the Company's stock price.
If you purchased St. Jude securities during the Class Period and wish to serve as lead plaintiff in the action, you must seek appointment from the court no later than June 9, 2006. Any class member may move to serve as lead plaintiff through counsel of their choosing. Class members may also choose to do nothing and remain absent class members. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott partner David R. Scott (drscott@scott-scott.com, 800/404-7770, 860/537-5537) or visit www.scott-scott.com for more information. There is no cost or fee to you.
The complaint alleges that Defendants made misstatements and omitted information regarding the sales success and prospects of a key St. Jude Medical product - its implantable cardioverter defibrillator systems (ICD's). The Company pushed sales of ICD's into 4Q:05 so as to inflate its stock price. On April 4, the Company announced that it would materially miss sales projections made just weeks earlier. The Company also stated that it was undertaking an intensive customer review to determine the cause of its sales shortfall. On this announcement, STJ stock prices fell to $36.25 on April 4, 2006, on trading volume of 51.6 million shares, off $5.05 from the previous day's closing price of $41.30.
Scott+Scott is a national law firm with significant experience in prosecuting investor class actions. The firm dedicates itself to client communication and satisfaction and currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, charities, foundations, individuals and other entities worldwide.