Wolf Popper Announces Filing of Securities Class Action Lawsuit Against Medtronic ...(to physician error or variableswithin t...),Health

Date:11/8/2007

to physician error, or "variables within the implant procedure." Medtronic continued receiving further reports of lead failure subsequent to March 21, 2007. In fact the number of lead failures grew from a total of 795 injuries reported by April 30, 2007 to a total of 1,053 injuries reported by June 30, 2007.

Notwithstanding this increased evidence of severe problems with the leads, Medtronic stated (falsely) in its Form 10-K for fiscal year end April 27, 2007 (filed with the SEC on June 25, 2007) that the Sprint Fidelis lead had experienced "strong market acceptance" and "increasing clinical data that supports these devices" since its introduction to the market in September 2004. From July 2007 through September 2007, Medtronic continued to receive increasingly frequent reports of lead failures, with the number of reported failures reaching 1,661 by September 30, 2007.

Finally, on October 15, 2007, Medtronic belatedly acknowledged that the increasingly frequent adverse reports were the result of manufacturing defects and suspended distribution of the Sprint Fidelis defibrillation leads because of the high incidence of lead fractures. The Company further admitted that it had "identified five patient deaths in which a Sprint Fidelis lead fracture may have been a possible or likely contributing factor." Upon the release of this information into the market, Medtronic's stock dropped $6.33 per share or 11.2% on volume of approximately 62.9 million shares.

If you purchased or acquired Medtronic common stock during the Class Period, you may move the court no later than January 7, 2008, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not b
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SOURCE Wolf Popper LLP Copyright©2007 PR Newswire. All rights reserved

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