St. Jude Medical Securities Litigation
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Welcome to the St. Jude Medical Securities Litigation Website

This website has been established to provide general information regarding the proposed Settlement of the consolidated action known as In re St. Jude Medical, Inc. Securities Litigation, Civ. No. 0:10-cv-00851-SRN-TNL, pending in the United States District Court for the District of Minnessota (the "Court") before the Honorable Susan Richard Nelson. The capitalized terms used on this website and not defined herein shall have the same meanings ascribed to them in the Stipulation and Agreement of Settlement dated February 26, 2015, which can be found and downloaded by clicking on the Case Documents tab above.

Your rights may be affected by this Settlement if you purchased or otherwise acquired St. Jude Medical, Inc. ("St. Jude Medical") publicly traded securities between April 22, 2009 and October 6, 2009, inclusive (the "Class Period").

This is a federal securities class action brought on behalf of all persons or entities who purchased or otherwise acquired the publicly traded securities of St. Jude Medical during the Class Period. Lead Plaintiff alleges that Defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”) by engaging in a fraudulent course of conduct during the period from April 22, 2009 through October 6, 2009, that misled investors about St. Jude Medical’s reported and expected financial results, the demand for its products, and the risks to its business. Lead Plaintiff alleges that this course of conduct and these materially false and misleading statements caused St. Jude Medical securities to trade at artificially inflated prices. Defendants deny that they violated the securities laws. After conducting extensive fact and expert discovery, The parties attended formal mediation sessions before the Honorable Layn R. Phillips (Ret.) in October 2014 and January 2015, but were unable to resolve the Action during those sessions, and the parties proceeded towards trial. With the assistance of Judge Phillips, the parties continued their negotiations and ultimately reached an agreement to resolve the Action on the specific terms set forth in the Stipulation and Agreement of Settlement, and summarized herein. Defendants deny each and all of the claims and contentions of wrongdoing alleged by Lead Plaintiff in the Litigation.

The parties disagree on the average amount of damages per share, if any, that would be recoverable if Lead Plaintiff was to have prevailed on each claim alledged. Defendants deny that they are liable in any respect or that Lead Plaiintiff or the Class suffered an injury.

The principal reason for the Settlement is the benefit to be provided to the Class now. This benefit must be compared to the risk that no recovery might be achieved after a contested trial and likely appeals, possibly years into the future.

Pursuant to the Settlement, a $50 million Settlement Fund has been established. Lead Plaintiff’s damages expert estimates that the average recovery under the Settlement is roughly $0.46 per damaged share, before deduction of any taxes on the income thereof, notice and administration costs and the attorneys’ fee, costs, and expense award as determined by the Court. A Class Member’s actual recovery will be a proportion of the Net Settlement Fund determined by that claimant’s Recognized Loss as compared to the total Recognized Losses of all Class Members who submit acceptable Proof of Claim Forms. An individual Class Member may receive more or less than this estimated average amount depending on the number of claims submitted, when during the Class Period a Class Member purchased or acquired St. Jude Medical publicly traded securities, the purchase price paid, and whether those shares were held at the end of the Class Period or sold during the Class Period, and, if sold, when they were sold and the amount received. See Plan of Allocation at pages 8-11 hereof for more information on your Recognized Loss.

The Court ordered that the law firm of Robbins Geller Rudman & Dowd LLP represents the Class Members, including you. These lawyers are called Lead Counsel. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees, costs and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

Although the information in this website is intended to assist you, it does not replace the information contained in the Notice of Proposed Settlement of Class Actionand Stipulation and Agreement of Settlement, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A CLAIM FORM The only way to get a payment. Proof of Claim forms must be postmarked or submitted online on or before June 24, 2015.
OBJECT Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees, costs, and expenses. You will still be a member of the Class. Objections must be received by the Court and counsel on or before May 22, 2015.
GO TO A HEARING Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before May 22, 2015
DO NOTHING Get no payment. Give up your rights.

DEADLINES

Submit Claim: June 24, 2015
File Objection: May 22, 2015
Court Hearing on Fairness of Settlement: June 12, 2015