St. Jude Medical In Hot Water Over 'False' Financials

Law360, New York (March 19, 2010, 1:51 PM EDT) -- St. Jude Medical Inc. has been slapped with a putative class action accusing the medical device maker and its officers of deceiving the public about its business operations, management and common stock value throughout 2009, enabling company insiders to sell off more than $16 million worth of their personally held shares to unwitting investors.

By disseminating false and misleading statements and concealing material adverse facts, St. Jude and its officers caused the stock to trade at artificially high rates and operated a fraud to the detriment...
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