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St. Jude Stock Tumbles On T-Wave Alternans Coverage; Index Continues Slide

This article was originally published in The Gray Sheet

Executive Summary

St. Jude Medical's stock ended the 2006 first quarter down 18% to $41 per share following CMS' decision to reimburse a device that can identify patients who are unlikely to benefit from an implantable cardioverter defibrillator, St. Jude's bread and butter

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St. Jude Drafts Three-Pronged Plan To Regain ICD Share, Misses Q1 Estimates

St. Jude Medical will launch new ICDs, open new accounts and hire sales people in the hopes of taking share back from on-the-mend ICD manufacturer Boston Scientific/Guidant

Litigation In Brief

St. Jude angers investors: Multiple class action suits filed against the firm charge that it misled investors about its implantable cardioverter defibrillator sales in the fourth quarter of 2005 to inflate its stock price. Law firm Roy Jacobs & Associates, for one, charges that St. Jude reported false information to "achieve extraordinary personal benefits for top insiders, such as CEO Daniel J. Starks, who sold an unusual number of shares in the open market in the early months of 2006." The lawsuits come after St. Jude reported first quarter earnings April 4 of $784 mil., far below its previously projected sales of $799 mil.-$839 mil. (1"The Gray Sheet" April 10, 2006, p. 7)...

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