NYSE:MDT Investor Alert: Lawsuit against Medtronic, Inc. alleges Misleading Statements
The Shareholders Foundation announces that an investor, who purchased NYSE:MDT shares, filed a lawsuit in the U.S. District Court for the District of Minnesota over alleged violations of Federal Securities Laws by Medtronic, Inc. in connection with certain allegedly false and misleading statements that were made between December 8, 2010 and August 3, 2011.
Minneapolis, MN based Medtronic, Inc. is engaged in medical technology – alleviating pain, restoring health, and extending life for millions of people worldwide
Investors who purchased shares of Medtronic, Inc. (NYSE:MDT) between December 8, 2010 and August 3, 2011, and / or those who purchased NYSE:MDT shares prior to December 2010 and currently hold any of those NYSE:MDT shares, have certain options and for certain investors are short and strict deadlines running. Deadline: August 26, 2013. NYSE:MDT investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
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 ‘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’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 207, 2012 to $16.59 billion for the 52 weeks period that ended on April 26, 2013.
The plaintiff alleges that complaint alleges that between December 8, 2010 and August 3, 2011defendants 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’s 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.
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 common stock between December 8, 2010 and August 3, 2011.
Those who purchased shares of Medtronic, Inc. (NYSE:MDT), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego