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Detroit Gen. Ret. Sys. v. Medtronic, Inc., No. 09-2518

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By FindLaw Staff on September 16, 2010 10:27 AM

In Detroit Gen. Ret. Sys. v. Medtronic, Inc., No. 09-2518, an action alleging that a biotechnology company engaged in securities fraud by misleading investors as to the seriousness of a problem with certain medical equipment, the court affirmed the dismissal of the action where plaintiff failed to plead fraud with particularity.

As the court wrote:  "Detroit General Retirement System and Stanley Kurzweil (collectively referred to as DGRS), investor class representatives, appeal the district court's dismissal of their claims against Medtronic, Inc. and three of its officers, Art D. Collins, William A. Hawkins, and Gary L. Ellis, for failure to plead fraud with particularity as required by law. DGRS appeals the dismissal, along with a denial of its motion for leave to amend the complaint and its motion for reconsideration. We affirm."

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