Medtronic, Inc. Under Investor Investigation Over Potential Foreign Bribery

If you are a current long term investor in Medtronic, Inc. (NYSE:MDT), and/or have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s):

Medtronic

Affected Securities:

NYSE: MDT

An investigation on behalf of current long term investors in Medtronic, Inc. (NYSE:MDT) in connection with possible violations of the U.S. Foreign Corrupt Practices Act was announced.

Medtronic, Inc, located in Minneapolis, MN, is a medical technology company. The Company is engaged in research, design, manufacture and sale of products to alleviate pain, restore health and extend life.

According to the investigation by a law firm the investigation on behalf of current long term investors in Medtronic, Inc. (Public, NYSE:MDT) stocks focuses on potential violations of the U.S. Foreign Corrupt Practices Act (“FCPA”), which prohibits companies from making improper payments to foreign officials for the purpose of obtaining or keeping business. According to the Justice Department “The Foreign Corrupt Practices Act was enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business. Specifically, the anti-bribery provisions of the FCPA prohibit the willful use of the mails or any means of instrumentality of interstate commerce corruptly in furtherance of any offer, payment, promise to pay…to a foreign official to influence the foreign official in his or her official capacity … to secure any improper advantage in order to assist in obtaining or retaining business for or with, or directing business to, any person.”

Medtronics’ revenue went from roughly $12billion to almost $16billion within the past four years. Medtronic reported Total Revenue of $12.299billion for the past 52weeks on April 27, 2007, $13.515billion for the past 52weeks on April 25, 2008, $14.599billion for the past 52weeks on April 24, 2009, and $15.817billion for the past 52weeks on April 30, 2010.

Nearly a dozen companies have already settled foreign bribery charges with prosecutors in a string of cases that started in 2002. Med City News asked in a recent article if “Medtronic Inc {is} bribing doctors overseas?” According to Medtronic the Securities and Exchange Commission SEC requested in 2007 information relating to any potential violations of the U.S. Foreign Corrupt Practices Act in connection with the sale of medical devices in an unspecified number of foreign countries, including Greece, Poland and Germany. Turkey, Italy and Malaysia have since been added to the inquiry. Medtronic said it is cooperating with the requests.

Shares of Medtronic, Inc. (Public, NYSE:MDT) recently traded at $35.91 per share, down from its52weekHigh of $46.66 per share.