Quantcast
 
New ETF Book by Larry Connors - Click here to read more


 

Prosecutors seek records in Medtronic fraud probe: The company faces a subpoena in a federal fraud investigation involving surgeon and former consultant Dr. Timothy Kuklo.

Tue. June 23, 2009; Posted: 10:31 PM
Stocks RSS
Jun 24, 2009 (Star Tribune - McClatchy-Tribune Information Services via COMTEX) -- MDT | Quote | Chart | News | PowerRating -- Federal prosecutors have subpoenaed Medtronic Inc. over documents relating to a bone growth study authored by a former U.S. Army surgeon suspected of fraud.

The U.S. Attorney's Office in Massachusetts also ordered the Fridley-based medical device giant to turn over information about "contracts, research grants, speaking and education programs, and payments for certain named physicians," according to documents filed Tuesday with the Securities and Exchange Commission.

The company said it will comply with the subpoena.

Congressional and federal investigators have been examining the financial ties between Medtronic and Dr. Timothy Kuklo, a former surgeon at the Walter Reed Medical Center in Washington, D.C.

Overstated benefits

Kuklo is accused of making false claims about the use of the company's Infuse bone-growth product to treat bone and spine injuries in soldiers hurt in Iraq. At the time, he was a paid consultant to Medtronic.

Medtronic spokeswoman Marybeth Thorsgaard declined to confirm whether the subpoena, which the company received in May, specifically targeted Kuklo.

Officials at Walter Reed said an investigation found that a study conducted by Kuklo and others overstated the product's benefits in healing bones shattered in warfare. The study was published in a British medical journal, which later retracted it.

Medtronic has confirmed that Kuklo became a consultant in August 2006 but said his work for the company was not related to the Walter Reed study. The company has acknowledged it paid Kuklo $800,000 for consulting services. He remained a consultant with Medtronic until early May.

Companies often hire doctors to provide insight into how well their devices work and how they might be improved. However, those relationships, some of which involve thousands of dollars, have drawn the attention of Sen. Charles Grassley, R-Iowa, and former U.S. Attorney Michael Sullivan in Boston.

Thomas Lee --612-673-7744

To see more of the Star Tribune, or to subscribe to the newspaper, go to
http://www.startribune.com/. Copyright (c) 2009, Star Tribune, Minneapolis
Distributed by McClatchy-Tribune Information Services. For reprints, email
tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax
to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave.,
Suite 303, Glenview, IL 60025, USA.
For full details on Medtronic Inc (MDT) click here. Medtronic Inc (MDT) has Short Term PowerRatings of 5. Details on Medtronic Inc (MDT) Short Term PowerRatings is available at This Link.

    


More News:   Market Updates | Stock Alerts | All Trading News | Stock Index

Email
Print
Archives
Feedback
Email Article Link
Close X
Recipients email address
Your name
Your email
Add a note (optional)




Stocks RSS





Related News [MDT]
  UPCOMING EVENTS
Learn new strategies, how to trade in this market, and the stocks you should be focusing on each day. Join us for our free 20 minute tele-seminars during the week.
* Attendance is strictly limited and are filled on a first-come, first-served basis.
PREMIER SPONSORED LINKS
TRADE CENTER
 
The TradingMarkets Directory
RELATED SITES
Nothing but forex
Please call 1-213-955-5858 ext. 1

About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

© Copyright 2009 The Connors Group, Inc.


All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.

© 2009 The Connors Group, Inc.