Medtronic Investors Sue Over $3B Inflated Stock Buyback

Law360, New York (March 12, 2012, 10:26 PM EDT) -- Medtronic Inc. investors on Monday accused the medical device maker’s directors of making misleading statements about their marketing of the company’s bone growth-stimulating device for off-label uses and causing the company to repurchase more than $2.8 billion of its own stock at inflated prices.

In a shareholder derivative suit filed in Minnesota federal court, the investors claim the directors did not disclose to them that 85 percent of sales for the surgically implanted Infuse Bone Graft device came from off-label uses of the product not approved...
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