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Case ID: 4776 | Stocks | 04/25/2006
A class action has been filed against St. Jude Medical, Inc. (STJ), certain of its officers and directors by stockholders who purchased the company's common stock between January 25, 2006 and April 4, 2006. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
According to a press release dated April 10, 2006, the Complaint alleges that defendants violated federal securities laws by issuing a series of materially false statements. Specifically, defendants omitted information regarding the sales success and prospects of a key St. Jude product, its implantable cardioverter defibrillator systems (ICD's). The Complaint asserts that the Company pushed sales of ICD's into the fourth quarter of 2005 so as to inflate the stock price and achieve extraordinary personal benefits for top insiders, including the CEO, who sold an unusual number of shares in the open market in the early months of 2006, and received a substantial boost in his compensation for 2005's performance, including a grant of 216,000 restricted shares worth (at the time) approximately $10 million. The complaint further alleges that on or around April 4, 2006, St. Jude revealed that it would materially miss sales projections made just weeks earlier. The Company also announced that it was undertaking an intensive customer review to determine the cause of its sales shortfall. On this news, St. Jude stock fell to $36.25 on April 4, 2006, down $5.05 from the previous day's closing price of $41.30. If you bought St. Jude Medical, Inc. securities between January 25, 2006 and April 4, 2006, inclusive, and would like to obtain information about the St. Jude Medical, Inc. lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against chemical and polymer company Crompton Corporation (NYSE: CK) and certain of its officers and directors by stockholders who purchased the company's common stock (or the common stock of its predecessor, Crompton & Knowles Corporation) between October 26, 1998, and October 8, 2002. A class action has been filed against Majesco Entertainment Company (NasdaqNM:COOL), certain of its officers and directors by stockholders who purchased the company's common stock between December 08, 2004 and July 12, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against pharmacy benefit management company Express Scripts, Inc., (Nasdaq:ESRX) and certain of its officers and directors by stockholders who purchased the company's common stock between October 29, 2003, and August 3, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against Inspire Pharmaceuticals, Inc. (NasdaqNM : ISPH), and certain of its officers and directors by stockholders who purchased the company's common stock between June 02, 2004 and February 08, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against DreamWorks Animation SKG, Inc. (NYSE:DWA), certain of its officers and directors by stockholders who purchased the company's common stock between October 27, 2004 and May 10, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against investment firm Security Brokerage, Inc., and Daniel G. Calugar, its president and majority owner, by investors who purchased shares of Alliance Capital Management's (NYSE:AC) AllianceBernstein Family of mutual funds and Massachusetts Financial Services' Family of mutual funds, which is a subsidiary of Sun Life Financial, Inc. from January 1, 2001, through September 30, 2003. The actions claim that the defendants violated federal securities laws by engaging in an illegal market-timing scheme. |
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