Shareholder suit says Medtronic misled them Medtronic Inc., the Fridley medical device maker, was sued by shareholders who claimed it misled investors about the profitability of its Infuse device that stimulates bone growth. The lawsuit, filed in federal court in St. Paul, claims that sales of the bone graft were more dependent on applications not approved by the Food and Drug Administration than Medtronic disclosed. The omissions inflated the company's stock price, according to the complaint. Medtronic hasn't been able to review the lawsuit and will respond in court, spokeswoman Marybeth Thorsgaard said.
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Seagate shares rise after sales forecast is cut Seagate Technology, the disk-drive maker that has operations in Bloomington and Shakopee, cut its sales forecast for this quarter as the slowing economy has hurt computer demand and pushed down prices. Sales in the quarter ending Jan. 2 will be as much as $2.6 billion, Seagate said in a regulatory filing. Analysts surveyed by Bloomberg estimated revenue of $2.93 billion. Seagate shares rose 40 cents, or 7.9 percent, to $5.49. The stock has fallen 78 percent this year.
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