Please note that the Settlement Fairness Hearing date, originally scheduled for November 10, 2016, at 10:00 a.m., has been moved to November 9, 2016, at 10:00 a.m. The location of the Settlement Fairness Hearing has not changed.
If you were mailed a Notice Packet, the date included on pages 1, 3, and 7 is listed as the originally scheduled date. This update was included on the outside of the Notice Packet.
The information contained on this website is only a summary.
More information regarding the Action is contained in the Notice of (I) Proposed Settlement of Class Action; (II) Motion for an Award of Attorneys’ Fees and Reimbursement of Expenses; and (III) Settlement Fairness Hearing (the “Notice”). You may download a copy of the Notice by clicking here.
The Proof of Claim and Release Form (the “Claim Form”) may be downloaded by clicking here. General Instructions and more information regarding the claim process is contained in the Claim Form.
On December 22, 2015, the Court entered an Order certifying the following Class:
All persons or entities who purchased or otherwise acquired St. Jude Medical, Inc. common stock during the period from February 5, 2010 through November 20, 2012 (the “Class Period”), and who were damaged thereby.
Excluded from the Class are:
(i) Defendants; (ii) members of the immediate family of each of the Individual Defendants; (iii) any person who was an executive officer and/or director of St. Jude during the Class Period; (iv) any person, firm, trust, corporation, officer, director, or any other individual or entity in which any Defendant has a controlling interest or which is related to or affiliated with any of the Defendants; and (v) the legal representatives, agents, affiliates, heirs, successors-in-interest or assigns of any such excluded party. Also excluded from the Class are the persons and entities that previously requested exclusion in connection with the Class Notice as set forth on Exhibit C to the Stipulation and that do not opt back into the Class.
Description and Status of the Action:
This is a securities class action against Defendants for alleged violations of the federal securities laws during the Class Period. Plaintiffs allege that Defendants issued false and misleading statements during the Class Period that understated and misrepresented the severity of known, undisclosed problems with St. Jude’s older generation of silicone-insulated cardiac leads and electrical malfunctions and that the silicone-insulated leads suffered from premature wear and protruding wires, defects that would inhibit the leads’ ability to deliver life-saving electric shocks. Plaintiffs also allege that Defendants issued false and misleading statements touting the purported improvements and successes of St. Jude’s newer generation of high-voltage cardiac leads, particularly a lead named Durata, which was coated with a proprietary insulation called “Optim,” instead of silicone. Plaintiffs further allege that Defendants’ false and misleading statements caused the price of St. Jude common stock to be artificially inflated during the Class Period.
Defendants deny each and all of the claims and contentions of wrongdoing alleged by Plaintiffs in the Action. Defendants contend that they did not make any materially false or misleading statements, they disclosed all material information required disclosed by the federal securities laws and any alleged misstatements or omissions were not made with the requisite intent or knowledge of wrongdoing. Defendants also contend that any losses suffered by Class Members were not caused by any false or misleading statements by Defendants and/or were caused by intervening events.
Additional information regarding the Action and the claims asserted by Lead Plaintiffs can be found in the Notice and in the operative complaint. The operative complaint can be viewed and downloaded from the Court Documents page of this website.
The Settlement Benefits:
Subject to Court approval, and as described more fully in the Notice, the Class Representatives, on behalf of themselves and the Class, have agreed to settle the Action in exchange for $39,250,000 in cash. The Net Settlement Fund plus any and all interest earned thereon after payments of all Notice and Administration Costs, Taxes, Tax Expenses, and any payment of reasonable costs and expenses to the Class Representatives awarded by the Court or Court-awarded attorneys’ fees and expenses to Plaintiffs’ Counsel, will be distributed to Class Members according to a Court-approved Plan of Allocation. The Plan of Allocation being proposed by the Class Representatives and Class Counsel s set forth in Appendix A to the Notice.
YOUR LEGAL RIGHTS AND OPTIONS:
SUBMIT A CLAIM FORM
The only way to be eligible to receive a payment from the Settlement Fund is to submit a Claim Form postmarked no later than December 8, 2016.
A copy of the Claim Form can be downloaded at the Claim Form page of this website.
OPT BACK INTO THE CLASS
If you previously submitted a request for exclusion from the Class in connection with the Class Notice, and now want to be part of the Class in order to be potentially eligible to receive a payment from the Settlement Fund, you may opt back into the Class. Your written request to withdraw your previously submitted request for exclusion must be received no later than October 20, 2016. If you previously requested exclusion from the Class and wish to remain excluded, no further action is necessary.
Further information regarding the requirements for the submission of a request to withdraw a previously submitted exclusion can be found in ¶s 30-32 of the Notice.
OBJECT TO THE SETTLEMENT, PLAN OF ALLOCATION AND/OR ATTORNEYS’ FEES AND EXPENSE REQUEST
If you want to object to the proposed Settlement, the proposed Plan of Allocation or the request for attorneys’ fees and reimbursement of expenses, you must write to the Court and explain why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of expenses. Objections must be received no later than October 20, 2016.
Further information regarding the requirements for the submission of an objection to the Settlement can be found in ¶s 35-37 of the Notice.
GO TO THE SETTLEMENT HEARING NOVEMBER 9, 2016 AT 10:00 A.M
If you want to appear in person and speak in Court at the scheduled hearing about the fairness of the proposed Settlement, the proposed Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of expenses, you must submit a notice of intention to appear, along with your written objection. Notices of intention to appear must be received no later than October 20, 2016.
Further information regarding the requirements for the submission of an intention to appear can be found in ¶ 38 of the Notice.
If you are a Class Member and do nothing, you will not be eligible to receive any payment from the Settlement Fund, you will give up your rights to sue about the claims that are being resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
As a Class Member, you will be represented by Class Counsel:
Gregory M. Castaldo, Esq.
Joshua E. D’Ancona, Esq.
KESSLER TOPAZ MELTZER
& CHECK, LLP
280 King of Prussia Road
Radnor, PA 19087
Gregg S. Levin, Esq.
Joshua C. Littlejohn, Esq.
MOTLEY RICE LLC
28 Bridgeside Blvd.
Mt. Pleasant, SC 29464
Although the Court has appointed attorneys to represent the Class, you have the right to retain your own personal counsel at your own expense. However, you are not required to retain separate counsel. If you do not retain separate counsel and remain a member of the Class, your interests will be represented by Class Counsel and by the representatives of the Class. Additional information regarding the requirements, should you choose to retain your own personal counsel, is included in ¶ 39 of the Notice.