St. Jude Investors Can't Alter Loss Theory: Judge

Law360, New York (June 24, 2009, 12:00 AM EDT) -- In dismissing the case on summary judgment, a federal judge has ruled that shareholders suing medical device maker St. Jude Medical Inc. for a steep 2006 stock loss cannot “change horses in midstream” by altering their theory of how the losses occurred.

In a ruling Monday, Judge James M. Rosenbaum of the U.S. District Court for the District of Minnesota said that the plaintiffs' move to change their pleading theory in the case would “defeat the purpose” of the Private Securities Litigation Reform Act.

The plaintiffs...
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