Lead Counsel Announce Pendency and Proposed Settlement of Securities Class Action Against Medtronic, Inc.

MINNEAPOLIS, Aug. 23, 2012 /PRNewswire-USNewswire/ -- The following statement is being issued by Bernstein Litowitz Berger & Grossmann LLP, Kessler Topaz Meltzer & Check, LLP, Grant & Eisenhofer P.A., Motley Rice LLC, and Chestnut Cambronne PA regarding the securities class action against Medtronic, Inc.:

UNITED STATES DISTRICT COURT
DISTRICT OF MINNESOTA

MINNEAPOLIS FIREFIGHTERS' RELIEF ASSOCIATION, Civil No. 08-6324 (PAM/AJB)

Plaintiffs,
v.
MEDTRONIC, INC., et al.,
Defendants.

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT, SETTLEMENT FAIRNESS HEARING, AND MOTION FOR ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: All persons and entities who purchased or otherwise acquired the common stock of Medtronic Inc. ("Medtronic") during the period from November 20, 2006 through and including November 17, 2008 (the "Class Period") and who were damaged thereby.

Please read this notice carefully; your rights will be affected by a class action lawsuit pending in this court.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Minnesota, (i) that the above-captioned litigation (the "Action") has been certified as a class action on behalf of all persons and entities who purchased Medtronic common stock during the period from November 20, 2006 through November 17, 2008 and who were damaged thereby (the "Class"), except for certain persons and entities who are excluded from the Class by definition as set forth in the Stipulation and Agreement of Settlement (the "Stipulation"); and (ii) that Lead Plaintiffs in the Action have reached a proposed settlement of the Action with Defendants Medtronic, Arthur D. Collins, William A. Hawkins, and Gary L. Ellis (the "Defendants") for $85 million in cash, plus interest thereon, that, if approved, will resolve all claims in the Action.

A hearing will be held on November 8, 2012 at 9:45 a.m before The Honorable Paul A. Magnuson, at the Warren E. Burger Federal Building and United States Courthouse, 316 North Robert Street, St. Paul, MN, 55101, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be fully and finally dismissed with prejudice against Defendants, and the releases specified and described in the Stipulation should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for attorneys' fees and reimbursement of expenses should be approved.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  If you have not yet received the full printed Notice of Pendency of Class Action and Proposed Settlement, Settlement Fairness Hearing, and Motion for Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice"), and the Proof of Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at Minneapolis Firefighters' Relief Association v. Medtronic, Inc., c/o Rust Consulting, Inc., Claims Administrator, P.O. Box 2798, Faribault, MN 55021-9798, 1-866-590-8527.  Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.MDTsecuritieslitigationsettlement.com, or from representative Lead Counsel's websites, www.blbglaw.com and www.chestnutcambronne.com. 

If you are a Class Member, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than December 11, 2012.  If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.    

If you are a Class Member and wish to exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than October 18, 2012, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's application for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to representative Lead Counsel and counsel for Defendants such that they are received no later than October 18, 2012, in accordance with the instructions set forth in the Notice.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

Inquiries, other than requests for the Notice, may be made to:

By Order of the Court

SOURCE Bernstein Litowitz Berger & Grossmann LLP