Medtronic has agreed to pay $85 million to resolve a class action claim filed in December 2008 by its shareholders.
The suit was filed by the Minneapolis Firefighters Relief Association, alleging misrepresentation and omissions by the company. Under the settlement, Medtronic denies any misrepresentations or omissions.
The Firefighters Relief Association alleged that the company artificially inflated its stock price during an off-label promotion for its bone morphogenic protein product Infuse, according to a Mass Device report.
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The Firefighters Relief Association alleged that the company artificially inflated its stock price during an off-label promotion for its bone morphogenic protein product Infuse, according to a Mass Device report.
More Articles on Orthopedic Devices:
Ascendx Spine Signs Distribution Agreement With Swiss Company
5 Spine-Focused Device Company 2011 Financial Reports
Benvenue Medical Enrolls 250 Patients in Kyphoplasty Trial