Medtronic Board Escapes Investor Suit Over Bone Growth Stimulant Infuse
A Medtronic Inc. investor lost a bid to revive her lawsuit alleging that directors and officers caused the medical device company to market its bone tissue development product for an off-label use ( Kokocinski v. Collins , 2017 BL 62727, 8th Cir., No. 15-3519, 3/1/17 ).
The U.S. Court of Appeals for the Eighth Circuit upheld a lower court’s dismissal of the action on the grounds that a special litigation committee found no support for the shareholder’s allegations.
The company in 2012 formed an independent committee to investigate several similar shareholder claims that directors and officers breached their legal duties and made misleading statements in connection with the company’s Infuse product.
The U.S. Court of Appeals for the Eighth Circuit upheld a lower court’s dismissal of the action on the grounds that a special litigation committee found no support for the shareholder’s allegations.
The company in 2012 formed an independent committee to investigate several similar shareholder claims that directors and officers breached their legal duties and made misleading statements in connection with the company’s Infuse product.