Medtronic Securities Action Survives Dismissal Bid

Law360, New York (February 4, 2010, 5:49 PM EST) -- A federal judge has allowed a putative securities class action against Medtronic Inc. related to the off-label use of the medical device maker's InFuse spinal graft to proceed, but ruled that some of the company's allegedly misleading statements aren't actionable.

Judge Paul A. Magnuson of the U.S. District Court for the District of Minnesota ruled that the plaintiffs had successfully alleged materiality and scienter with respect to statements by Medtronic and its officers that InFuse was experiencing growth in sales primarily because of increased on-label use,...
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