STEVENSON, Md., July 2, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Minnesota on behalf of purchasers of the common stock of Medtronic, Inc. ("Medtronic" or the "Company") (NYSE:MDT) during the period between December 8, 2010 and August 3, 2011, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Medtronic, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at http://www.browerpiven.com/">www.browerpiven.com, by email at mailto:hoffman@browerpiven.com">hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 26, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company had engaged in a scheme with certain researchers to downplay the risks and side effects associated with INFUSE® Bone Graft ("Infuse") product for reduction of pain and complications associated with treating degenerative disc disease and that once those risks were fully appreciated by surgeons, use of the product would drop significantly. According to the complaint, following the Company's announcement on June 23, 2011 that the Company had received an inquiry from the U.S. Senate requesting information related to the Infuse product, following the June 28, 2011 publication of an entire issue of The Spine Journal was devoted to the Infuse product, including the conflicts of interest by researchers who had performed studies on Infuse and the underappreciated risks and side effects associated with Infuse, and following an August 3, 2011 announcement that the Company would publicly release Infuse data for Yale University ("Yale") researchers to conduct a review, the value of Medtronic stock declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.