MINNEAPOLIS (AP) -- Medical device maker Medtronic Inc. said Wednesday a U.S. District Court judge dismissed a class-action lawsuit against the company, marking another victory for the company in a series of legal actions brought on by a product recall.
U.S. District Judge Richard Kyle of Minnesota dismissed a lawsuit alleging securities fraud related to the defective Sprint Fidelis defibrillation wires in 2007. Specifically, Stanley Kurzweil had alleged that the company misrepresented the facts surrounding the product.
In October of 2007, the company pulled its Sprint Fidelis defibrillation wires from the market after several patient deaths occurred in which broken wires may have played a role. The wires, called leads, connect patients' hearts to a device that sends an electrical shock if it senses a life-threatening abnormal heart rhythm. A fractured lead can leave the defibrillator unable to send a lifesaving shock, or prompt it to deliver painful unnecessary shocks.
The latest dismissal follows a January move by a Minnesota judge to dismiss a class action suit filed by patients who may have received faulty Sprint Fidelis defibrillation wires. The judge ruled that the state lawsuits were overruled by the Food and Drug Administration's federal decision to approve the devices.
Shares of Medtronic rose $1.07, or 4.3 percent, to $26 in morning trading. The stock has traded between $24.06 and $56.97 over the past 52 weeks.