Levi & Korsinsky announces that a class action lawsuit has been commenced in the USDC for the District of Minnesota on behalf of investors who purchased Medtronic, Inc. (“Medtronic” or the “Company”) (NYSE: MDT) stock between December 8, 2010 and August 3, 2011.
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The complaint alleges that defendants violated federal securities laws by issuing materially false and misleading statements concerning the use of the Company’s INFUSE Bone Graft (“Infuse”) product for the reduction of complications and pain associated with degenerative disc disease. On June 23, 2011, Medtronic issued a press release acknowledging that the U.S. Senate had requested information regarding Infuse. Then on June 28, 2011, an issue of
The Spine Journal
identified conflicts of interest concerning the researchers who had performed studies on Infuse. On August 3, 2011, Medtronic announced it would release Infuse data to the public and agreed to pay $2.5 million to Yale University so that researchers might conduct a review of previous studies. According to the complaint, the true facts, which defendants concealed from the investing public during the class period, included that the Company had engaged in a scheme with certain researchers to downplay the risks and side effects associated with Infuse and that once those risks were fully appreciated by surgeons, use of the product would drop significantly.
If you suffered a loss in Medtronic you have until August 26, 2013
to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at
or by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.