In re Medtronic, Inc. Sec. Litig.
Robbins Geller Prevails in Medtronic Securities Litigation and Obtains $43 Million Cash Settlement for Shareholders
On December 11, 2018, the Honorable Michael J. Davis of the District of Minnesota granted final approval of a $43 million settlement just prior to trial in In re Medtronic, Inc. Sec. Litig. This highly favorable result was achieved for the class after more than five years of vigorous prosecution by Robbins Geller, as lead trial counsel, who certified the class and successfully appealed the district court’s grant of summary judgment decision in the United States Court of Appeals for the Eighth Circuit, and then defeated defendants’ renewed motion for summary judgment.
The case alleges that Medtronic and certain of its officers and directors violated federal securities laws by engaging in a scheme to defraud Medtronic shareholders by secretly drafting and editing medical journal articles, purportedly authored by physician consultants, which underreported or failed altogether to report known adverse events associated with Medtronic’s key bone growth treatment, INFUSE. Plaintiffs claim that Medtronic’s deception artificially inflated Medtronic’s stock price, causing hundreds of millions of dollars in losses when the truth was revealed in June 2011.
In re Medtronic, Inc. Sec. Litig., No. 13-cv-01686 (D. Minn.).