Medtronic’s Acquisition of Covidien Hit With A Shareholder Suit
In 2015, Medtronic closed a deal to buy Covidien, a healthcare technology and medical supply provider. Medtronic paid about $50 Billion to quire Covidien and moved the company into Covidien’s former corporate headquarters in Dublin, Ireland.
A lawsuit states that the shareholders of Medtronic stock will lose substantially and be forced to pay taxes on any gains in Medtronic stock. They state that they lost billions in investments with Medtronic moved its headquarters from Minnesota to Ireland in 2015. A Minnesota state court has given shareholders another chance at this lawsuit, which involves claims worth more than $16 Billion.
Hernia Mesh Lawsuits
Medtronic is the manufacturer of many hernia mesh products, like the Duatene Bilayer Mesh, Versatex Monofilament mesh, and Symbotex Composite mesh. Covidien, now a subsidiary of Medtronic, produce the hernia mesh product Parietex. Parietex is under lawsuits claiming that the manufactures knew of the serious risks of the hernia mesh product, but put in on the market for financial gain. Parietex was not used in human clinical trials before being released to the public.
Parietex can shrink, and cause the product to tear away and migrate, and can lead to hernia recurrence. While the use of hernia mesh may cause a reduction in recurrence, the devices have also been plagued by defects and higher-than-expected side effects.
Hundreds of adverse reports of hernia mesh problems have been reported to the FDA. If you are a victim of hernia mesh complications, including those produced by Medtronic and Covidien, contact our hernia mesh attorneys at KBA.