Class Action Targets St. Jude Medical

Law360, New York (April 11, 2006, 12:00 AM EDT) -- Medical device maker St. Jude Medical Inc. has been hit with a shareholder lawsuit alleging that the company misrepresented the sales of one of its products in order to boost earnings, causing the stock to trade at an inflated price.

The Minnesota-based company allegedly waited to record some third-quarter sales of its implantable cardioverter defibrillator system until the fourth quarter in order to boost revenues for that quarter.

Several analysts touted the company’s stock based on fourth-quarter results, and St. Jude projected earnings for the first...
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