BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of shareholders of St. Jude Medical, Inc. (“St. Jude” or the “Company”) (NYSE:STJ). The investigation concerns possible breaches of fiduciary duties by the Company or its fiduciaries.
St. Jude develops, manufactures and distributes cardiovascular and implantable neurostimulation medical devices, including tachycardia implantable cardioverter defibrillator systems (ICDs) for patients whose hearts beat at an abnormally rapid rate and typically deliver less blood to the body’s tissues and organs. ICDs are connected to the heart by leads, and monitor the patient’s heartbeat, delivering high-energy electrical impulses to terminate ventricular tachycardia and ventricular fibrillation. In 2011, the Company’s implantable Riata ICD was recalled due to instances of “inside-out” abrasion failures affecting the insulation of the Riata device leads.
The investigation concerns an inspection by the U.S. Food and Drug Administration (FDA) at the Company’s Sylmar, California, production facility, where St. Jude manufactures its next-generation ICD – the Durata. The investigation is related to the Company’s statements concerning the FDA inspection and the findings of FDA investigators concerning the conditions and practices at the Durata production facility, and whether the Company failed to disclose material adverse information concerning the Durata.
If you purchased St. Jude shares prior to October 17, 2012 and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.