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Case Status:    SETTLED
On or around 04/16/2015 (Other)

Filing Date: December 10, 2008

According to a press release dated December 10, 2008, the Complaint alleges that during the Class Period, Medtronic, its Chief Executive Officer and Chief Financial Officer violated the federal securities laws by issuing false and misleading press releases, financial statements, filings with the Securities and Exchange Commission and statements during investor conference calls. The Complaint alleges that, throughout the Class Period, Medtronic – a medical device manufacturer -- made repeated false statements to the investing public concerning one of its flagship products, the INFUSE Bone Graft ("INFUSE"), representing to investors that it was a valuable and reliable source of revenues for the Company.

Specifically, Defendants' statements and their portrayal of INFUSE, a surgically-implanted medical device containing a genetically engineered protein designed to stimulate bone growth, were materially false and misleading because Defendants concealed and failed to disclose material facts known to or recklessly ignored by them about INFUSE that were necessary to make their otherwise positive statements about the product and the Company's financial condition accurate, truthful, and not misleading to investors. In particular, Defendants did not disclose the extent to which revenues from sales of INFUSE were dependent on applications of the product not approved by the United States Food and Drug Administration ("FDA"), or so-called "off-label" uses; did not disclose that a significant and increasing number of patients subjected to such off-label uses of INFUSE were suffering severe medical complications; and hid the fact that the extensive off-label usage of INFUSE was the result of an unlawful campaign by Defendants to market and encourage off-label use of the product.

Defendants' false and misleading statements concerning INFUSE and the Company's financial condition artificially inflated the price of the Company's publicly traded securities during the Class Period. Revelations concerning Defendants' false and misleading statements during the Class Period caused significant losses to investors as the prices of the Company's securities experienced severe declines as a direct result of these revelations, with the Company's stock price closing the day after the end of the Class Period at $31.20 per share, down from a Class Period high of $55.65 per share.

According to an article dated May 27, 2009, Judge Paul A. Magnuson of the U.S. District Court for the District of Minnesota signed off Tuesday on a magistrate judge's report suggesting that the Medtronic Institutional Investor Group — which consists of the Teachers Retirement System of Oklahoma, the Oklahoma Firefighters Pension Fund, Frankfurt-based Union Asset Management Holding AG and Danish investment firm Danske Invest Management A/S — serve as lead plaintiff in the case. Judge Magnuson also named Barroway Topaz Kessler Meltzer & Check LLP, Bernstein Litowitz Berger & Grossmann LLP, Motley Rice LLC and Grant & Eisenhofer PA to serve as co-lead counsel, with Chestnut & Cambronne PA tapped as liaison counsel.

On August 21, 2009, the lead plaintiffs filed a Consolidated Complaint. On October 5, 2009, the defendants responded by filing a motion to dismiss the Consolidated Complaint. On February 3, 2010, Senior Judge Paul A. Magnuson signed the Memorandum and Order stating that Defendants' Motion to Dismiss is Granted in Part and Denied in Part.

On August 11, 2011, the plaintiffs filed a motion to certify the class. The plaintiffs are currently in the discovery phase of the proceedings.

On March 20, 2012, the Court issued an order staying all discovery until further order by the Court.

On July 20, 2012, a Stipulation of Settlement between the parties was entered into the Court's docket.

On July 23, 2012, the Court issued an Order preliminarily approving the proposed settlement.

On November 8, 2012, the Court issued the Judgment Approving Class Action Settlement. The Clerk of the Court was directed to enter final judgment and dismiss this Action with prejudice. In addition, the Court also entered Orders approving plan of allocation of net settlement, and award attorneys' fees.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MDT
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Minnesota
DOCKET #: 08-CV-06324
JUDGE: Hon. Paul A. Magnuson
DATE FILED: 12/10/2008
CLASS PERIOD START: 11/19/2007
CLASS PERIOD END: 11/17/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Chestnut & Cambronne, P.A. (Minneapolis)
    3700 Piper Jaffray Tower, 222 South Ninth Street, Chestnut & Cambronne, P.A. (Minneapolis), MN 55402
    612.339.730 612.339.730 ·
  3. Klausner & Kaufmann, P.A.
    10059 N.W. 1st Court, Klausner & Kaufmann, P.A., FL 33324
    954.916.1202 954.916.1202 ·
  4. Rice, Michels & Walther, LLP
    10 Second Street NE, Suite 206, Rice, Michels & Walther, LLP, MN 55413
    612.676.2300 612.676.2300 ·
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 08-CV-06324
JUDGE: Hon. Paul A. Magnuson
DATE FILED: 08/21/2009
CLASS PERIOD START: 11/20/2006
CLASS PERIOD END: 11/17/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barroway Topaz Kessler Meltzer & Check, LLP (Radnor)
    280 King of Prussia Road, Barroway Topaz Kessler Meltzer & Check, LLP (Radnor), PA 19087
    610.667.7706 610.667.7706 · info@btkmc.com
  2. Barroway Topaz Kessler Meltzer & Check, LLP (Walnut Creek)
    2125 Oak Grove Road, Suite 120, Barroway Topaz Kessler Meltzer & Check, LLP (Walnut Creek), CA 94598
    925.945.0770 925.945.0770 · info@btkmc.com
  3. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  4. Grant & Eisenhofer (Wilmington)
    1201 N. Market Street, Suite 2100, Grant & Eisenhofer (Wilmington), DE 19801
    302.622.7000 302.622.7100 · lawyers@gelaw.com
  5. Motley Rice LLC (Mount Pleasant)
    28 Bridgeside Boulevard, Motley Rice LLC (Mount Pleasant), SC 29464
    843.216.9000 843.216.9450 · inquiry@motleyrice.com
No Document Title Filing Date