Robbins Umeda LLP Announces an Investigation of St. Jude Medical, Inc.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at St. Jude Medical, Inc. (NYSE: STJ). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP is investigating whether officers and directors of St. Jude breached their fiduciary duties to shareholders and the company by failing to properly disclose and take corrective action in connection with known deficiencies in the company’s Riata defibrillation leads. In particular, the firm is examining allegations that senior officials at St. Jude ignored or failed to take proper action in the face of mounting evidence that certain of the company’s Riata defibrillation leads were facing serious performance issues and in some cases threatening the lives of patients. On May 10, 2012, the Wall Street Journal published an article suggesting that “a sometimes-lethal problem with a St. Jude Medical, Inc. heart device could be widespread,” pointing to recently published scientific research that identified serious defects in patients implanted with the company’s Riata leads. Since these facts have emerged, St. Jude has increasingly become the focus of costly public scrutiny. Moreover, deficient internal controls at the company continue to threaten St. Jude’s reputation as a purveyor of safe and reliable cardiac devices.
Robbins Umeda LLP highlights that St. Jude shareholders have the option to file a shareholder derivative action to hold those officers and directors accountable for damaging the company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
