Medtronic, Inc. (NYSE:MDT) today announced that a securities class action lawsuit against the company was dismissed by U.S. District Judge Richard Kyle of Minnesota.
The complaint, which was filed initially by Stanley Kurzweil on behalf of all shareholders and amended on April 18, 2008 after consolidation with other similar shareholder suits, involved the company's October 2007 withdrawal of its Sprint Fidelis defibrillator leads.
In a 42-page ruling, Kyle analyzed each of the allegations against Medtronic and concluded that, even assuming the allegations were true, they could not support a claim for securities fraud under the laws governing shareholder class actions. Kyle also ruled that the plaintiffs may not amend their complaint.
About Medtronic
Medtronic, Inc., headquartered in Minneapolis, is the global leader in medical technology - alleviating pain, restoring health, and extending life for millions of people around the world.
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