Medtronic Sued for Consumer Fraud

A consumer fraud lawsuit was filed against Medtronic claiming it artificially boosted its stock price and forced the company to repurchase more than $2.8 million of its own shares at inflated rates.

According to Mass Device, a group of investors, led by the Minneapolis Firefighter’s Relief Association allege that Medtronic made "materially false and misleading statements and omissions concerning the sale, promotion, and marketing" of Infuse bone growth protein, which caused adverse side effects for patients.

The Infuse brand of products was under investigation since 2008 for concerns that the medical device’s sales were mostly driven by the active promotion of off-label uses.

Medtronic settled another consumer fraud lawsuit with similar claims in December 2011 for $23.5 million.

If you or someone you know has been wronged by consumer fraud, contact Sokolove Law for a free legal consultation and to learn about your options.