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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of December 11, 2012 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.
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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
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July 23, 2012 - The court preliminarily approved the settlement.
July 20, 2012 - A stipulation of settlement was filed by the parties.
February 3, 2010 - The court granted in part and denied in part the defendants' motion to dismiss.
October 5, 2009 - A motion to dismiss the consolidated complaint was filed .
August 21, 2009 - A consolidated complaint was filed.
December 10, 2008 - An investor in shares of Medtronic Inc (NYSE: 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.
According to the complaint the plaintiff alleges that between November 19, 2007, and November 17, 2008, Medtronic Inc (NYSE: MDT) , 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. Specifically the complaint alleges that between November 19, 2007, and November 17, 2008, Medtronic Inc made allegedly repeated false statements to the investing public concerning one of its flagship products, the INFUSE Bone Graft, representing to investors that it was a valuable and reliable source of revenues for Medtronic Inc. INFUSE Bone Graft is a surgically-implanted medical device containing a genetically engineered protein designed to stimulate bone growth.
The stockholder alleges that the statements made by the defendants were materially false and misleading because they concealed and failed to disclose material facts known to or recklessly ignored by them about INFUSE Bone Graft. In particular, so the complaint, they did not disclose the extent to which revenues from sales of INFUSE Bone Graft were dependent on applications of the product not approved by the United States Food and Drug Administration, 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 Medtronic Inc’s financial condition artificially inflated the price of the Medtronic Inc’s publicly traded securities between November 19, 2007, and November 17, 2008 and as direct result of these revelations the prices of Medtronic Inc securities experienced severe declines, so the lawsuit.