Judge Tosses Medtronic Securities Class Action

Law360, New York (March 10, 2009, 12:00 AM EDT) -- A judge has dismissed a securities class action against Medtronic Inc. that alleged the medical device giant covered up fatal defects in its defibrillators and was responsible for the company's stock price collapse in 2007.

In a 42-page order issued Tuesday, Judge Richard Kyle of the U.S. District Court for the District of Minnesota said shareholders of the Minnesota-based company had failed to make their case for fraud with the specificity required by federal law.

Granting Medtronic's motion to dismiss the consolidated class action — which...
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