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St. Jude Medical Issues Statement Regarding Settlement with Department of Justice

^{Published on 2010-06-04 16:50:07 - Market Wire}
 

ST. PAUL, Minn.--([ BUSINESS WIRE ])--St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today issued the following statement in connection with a settlement agreement reached with the U.S. Department of Justice (DOJ) regarding a previously disclosed July 2007 investigation in Ohio related to certain rebates:

We are pleased to have reached a settlement agreement with the DOJ that fully resolves our previously disclosed investigation in Ohio. Importantly, in connection with this settlement, St. Jude Medical does not admit liability or wrongdoing. The allegations centered on small, isolated product rebates that the company paid more than five years ago. The company entered into a settlement agreement in order to avoid the potential costs and risks associated with litigation.

The agreement brings full and final closure to the matter in Ohio.

As part of this settlement, the company will make a payment of $3,725,000 to the DOJ. St. Jude Medical affirms that the resolution of this matter has no material impact on the companya™s financial position or operations.

About St. Jude Medical

St. Jude Medical develops medical technology and services that focus on putting more control into the hands of those who treat cardiac, neurological and chronic pain patients worldwide. The company is dedicated to advancing the practice of medicine by reducing risk wherever possible and contributing to successful outcomes for every patient. St. Jude Medical is headquartered in St. Paul, Minn. and has four major focus areas that include: cardiac rhythm management, atrial fibrillation, cardiovascular and neuromodulation. For more information, please visit [ sjm.com ].

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include the expectations, plans and prospects for the Company, including potential clinical successes, anticipated regulatory approvals and future product launches, and projected revenues, margins, earnings and market shares. The statements made by the Company are based upon managementa™s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Companya™s control and the risk factors and other cautionary statements described in the Companya™s filings with the SEC, including those described in the Risk Factors and Cautionary Statements sections of the Companya™s Quarterly Report on Form 10-Q for the fiscal quarter ended April 3, 2010.The Company does not intend to update these statements and undertakes no duty to any person to provide any such update under any circumstance.