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Home Industry News Medtronic lawsuit ruled in its favour

Medtronic lawsuit ruled in its favour

12th March 2009

Medtronic has announced that a judge has ruled in its favour in a lawsuit filed against them.

Stanley Kurzweil initially made the complaint on behalf of all the shareholders and amended it on April 18th.

The grievance was regarding the firm’s decision to withdraw its sprint fidelis defibrillator leads in October 2007.

It was decided that the court could not support a claim for securities fraud under the laws governing shareholder class actions.

The judge analysed each of the allegations against the firm in a 42-page declaration. He concluded that even if the accusations were true, the court could not support the claims.

It was also decided the complainants would not be permitted to amend their grievance.

Earlier this week, the medical technology company stated it will participate in the 29th Annual Cowen Healthcare Conference on March 17th.

The firm’s senior vice-president and chief financial officer Gary Ellis will speak at the event and a live audio webcast of the presentation will be available on the business’ investor relations website.

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