Lockridge Grindal Nauen P.L.L.P. filed a Consolidated Complaint against Medtronic, Inc. (“MDT”) and related entities, and certain officers and directors in Hennepin County District Court, Minnesota (Case No. 27-CV-14-11452) on behalf of all Medtronic shareholders who held their shares in taxable accounts and were injured by the capital gains taxes and other taxes they were forced to pay as a result of the merger with Covidien plc. The Consolidated Complaint alleged that in pursuing the merger, which was structured as an “inversion,” each of the Defendants violated applicable law by breaching and/or aiding and abetting the other Defendants’ breaches of their fiduciary duties of due care, disclosure, good faith, loyalty, and fair dealing and by engaging in other wrongful conduct under Minnesota statutory and common law.
On April 13, 2020, the District Court denied Plaintiffs’ motion for class certification. Plaintiffs filed a Petition for Discretionary Review with the Minnesota Court of Appeals. That Petition was denied on June 23, 2020. Plaintiffs’ Petition for Review was denied by the Minnesota Supreme Court on September 15, 2020.
As a result of the above decisions, the case will move forward in District Court on behalf of MDT shareholders who are named plaintiffs. If you are an MDT shareholder affected by the merger, your ability to recover for your injuries may be impacted by the denial of the class certification motion. You should also be aware that there may be statutes of limitations that will preclude your right to recover your damages if you do not take prompt action.
If you have any questions concerning this action and the class certification decision and how it may apply to you, please contact:
Vernon J. Vander Weide, Esq.
Gregg M. Fishbein, Esq.
Lockridge Grindal Nauen P.L.L.P.
100 Washington Avenue South, Suite 2200
Minneapolis, MN 55401