Settlement of In re Medtronic, Inc. Securities Litigation
Master File No. 0:13-cv-01686-MJD-KMM
The parties have reached a settlement of this action, pending in the United States District Court for the District of Minnesota. The settlement provides for the payment of $43,000,000 for the benefit of eligible Class Members. Lead Plaintiffs Employees’ Retirement System of the State of Hawaii and Union Asset Management Holding AG and Named Plaintiff West Virginia Pipe Trades Health & Welfare Fund (together, “Plaintiffs”) allege that Defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934 by engaging in a scheme and course of conduct to defraud the investing public regarding Medtronic, Inc.’s (“Medtronic” or the “Company”) clinical trial design and reporting of clinical data and the risks associated with the use of INFUSE® Bone Graft. Plaintiffs further allege that as a result of Defendants’ scheme, Medtronic stock traded at artificially inflated prices during the Class Period.
The Class consists of all Persons who purchased or otherwise acquired the publicly traded common stock of Medtronic between September 8, 2010 and June 28, 2011, and who were damaged by Defendants’ alleged violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934. Excluded from the Class are: Defendants and their families, the officers and directors of the Company during the Class Period, members of their immediate families and their legal representatives, heirs, successors or assigns, and any entity in which Defendants have or had a controlling interest. Also excluded from the Class is any Class Member that validly and timely requested exclusion in accordance with the requirements set by the Court.
The settlement was approved by the Court on December 11, 2018.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.