-
You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of January 2, 2019 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
-
To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
August 16, 2018 - The court preliminarily approved the settlement.
July 18, 2018 - A stipulation of settlement was filed.
December 28, 2016 - The Court of Appeals reversed judgement and remanded the case for further proceedings.
October 28, 2014 - A notice of appeal was filed.
September 29, 2014 - The court granted in part and denied in part the defendants' motions to dismiss.
January 15, 2014 - A motion to dismiss the amended consolidated complaint was filed..
November 4, 2013 - An amended consolidated complaint was filed.
June 27, 2013 - An investor in shares of Medtronic Inc (NYSW: MDT) filed a lawsuit in the U.S. District Court for the District of Minnesota against Medtronic Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements that were made between December 8, 2010 and August 3, 2011.
According to the complaint the plaintiff alleges on behalf of investors who purchased shares of Medtronic Inc (NYSE: MDT) between December 8, 2010 and August 3, 2011, that Medtronic Inc and certain of its officers and directors violated the Securities Exchange Act of 1934.
Medtronic Inc's INFUSE(R) Bone Graft product, which was approved by the FDA for use in some fusion surgeries in the lower back as well as for some oral and dental uses, became an integral part of Medtronic Inc's Spinal unit after its introduction in 2002, contributing tremendously to the division's growth. Medtronic Inc reported that its Total Revenue rose from over $15.39 billion for the 53 weeks period that ended on April 27, 2012 to $16.59 billion for the 52 weeks period that ended on April 26, 2013. The plaintiff alleges that between December 8, 2010 and August 3, 2011 defendants allegedly issued false and misleading statements to the investing public regarding the use of the Infuse Bone Graft product for reduction of pain and complications associated with treating degenerative disc disease. Shares of Medtronic Inc (NYSE: MDT) grew from $31.29 per share in August 2011 to as high as $53.78 per share on June 17, 2013.
The plaintiff says that as a result of defendants' allegedly false statements, Medtronic Inc's (NYSE: MDT) stock traded at artificially inflated prices between December 8, 2010 and August 3, 2011, reaching a high of $43.20 per share on May 18, 2011.
On June 23, 2011, Medtronic Inc disclosed that it had received an inquiry from the U.S. Senate requesting information related to the Infuse Bone Graft product.
On June 28, 2011, The Spine Journal published an article about the Infuse product.
On August 3, 2011, Medtronic Inc announced it would publicly release Infuse Bone Graft data for Yale University researchers to conduct a review. Medtronic Inc (NYSE: MDT) shares declined from over $43 in May 2011 to $30.41 per share on August 10, 2011.
Plaintiff seeks to recover damages on behalf of all purchasers of Medtronic Inc (NYSW: MDT) common stock between December 8, 2010 and August 3, 2011.