NEW YORK, Feb. 8, 2008 (PRIME NEWSWIRE) -- 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