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Medtronic Shareholders Granted Class Certification

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U.S. District Judge Paul Magnuson has ruled that any persons or entities that acquired or purchased Medtronic stock between November 2006 and November 2008 would be included in a class action against Medtronic which alleges that the company’s stock value plummeted due to Medtronic promoting the off-label use of its Infuse spinal graft system.

 Plaintiffs, which include the Minneapolis Firefighters’ Relief Association and other investors, allege Medtronic lied about the extensive promotion of Infuse for unapproved applications and concealing that some patients were suffering from complications, Law360 reported.

Infuse is approved as a treatment for lower back problems such as regenerative disk disease, however, the plaintiffs claim the it is being regularly used in procedures that have not been approved by the FDA. The company’s stock dropped 13 percent after a US Department of Justice investigation of the off-label promotion was revealed.  

Attorneys for Medtronic objected that plaintiff counsel was inadequate and that they misrepresented witness statements, the judge ruled that the “Defendants’ entire opposition to the motion for class certification focuses on these mostly innocuous differences between what the amended complaint says and what the witnesses now say more than three years later,” he said. “It may be that the depositions of these witnesses will reveal that what defendants say is true: plaintiffs’ counsel misinterpreted what the witnesses told them,” he added. “But without the benefit of deposition testimony, the court cannot and will not make that assumption about an officer of the court,” Law360 reported.

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Medtronic Shareholders Granted Class Certification

breakinglawsuitnews.com disclaimer: This article: Medtronic Shareholders Granted Class Certification was posted on Tuesday, December 13th, 2011 at 7:27 pm at breakinglawsuitnews.com and is filed under Medical Device Lawsuits.

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