LAWFUEL – Class Actions Litigation – Leading Securities Class Action Firm to Pursue Remedies for
Investors Who Lost Share Value Due to Medtronic’s Alleged
Misrepresentations of True Facts Regarding Defibrillator
Products
NEW YORK, Feb. 8, 2008 — Kirby McInerney, LLP (KM)
announced today that the U.S. District Court for the District of
Minnesota has appointed KM to serve as lead counsel in the securities
class action lawsuit against Medtronic, Inc.(MDT). KM’s client, a
public pension fund, was appointed to serve as lead plaintiff.
The lawsuit charges that Medtronic knowingly concealed information
regarding their Sprint Fidelis defibrillation leads during the class
period. Specifically, the lawsuit alleges that by April of 2007, the
company was aware of 1,053 injuries that had been sustained by patients
as a result of flaws in the defibrillation leads. Nevertheless, in its
form 10-K for fiscal year end April 27, 2007, Medtronic stated that the
Sprint Fidelis lead had “strong market acceptance” and “increasing
clinical data that supports these devices.” When, on October 15, 2007,
Medtronic belatedly admitted the growing number of negative reports
about the leads and temporarily withdrew them from the market,
Medtronic’s stock dropped $6.33 per share, or 11.2% on volume of
roughly 62.9 million shares.
Ira Press and Peter Linden, senior partners at KM, will be the
principal attorneys for the Medtronic suit. Messrs. Press and Linden
have extensive experience representing institutional investors —
including pension funds, Taft-Hartley funds, and hedge funds, among
others in securities class action suits.
About Kirby McInerney, LLP
Kirby McInerney LLP has specialized in complex litigation, including
securities class actions, for several decades. The firm has repeatedly
demonstrated its expertise in this field, and has been recognized by
various courts which have appointed the firm to major positions in
consolidated and multi-district litigation. Kirby McInerney’s efforts
on behalf of shareholders in securities litigation have resulted in
recoveries totaling hundreds of millions of dollars, and the firm’s
achievements and quality of service have been chronicled in numerous
published decisions. More information about the firm, class actions in
general, or about the role of the lead plaintiffs in a securities class
action can be obtained through Kirby McInerney LLP’s website at
http://www.kmllp.com.
More information on this and other class actions can be found on the
Class Action Newsline at www.primenewswire.com/ca
