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Wednesday, March 10, 2010

Medtronic:Government Seeks Information On Clinic Relationship

By Jon Kamp

Dow Jones Newswires

Medtronic Inc. (MDT) said Wednesday that the U.S. attorney's office in Massachusetts is seeking details on the company's relationship with a Massachusetts health facility called the Lahey Clinic.

The "civil investigative demand" from the U.S. attorney's office, received Feb. 22, relates to the federal False Claims act, which the government uses to guard against fraud such as false claims for payment of government funds. Medtronic disclosed the matter in a filing with the Securities and Exchange Commission.

Medtronic said the government demand involves its relationship with Lahey cardiologists and CoreValve, a Medtronic business that makes replacement heart valves overseas and hopes to bring them to the U.S.

Medtronic said it will comply as required with the terms of the civil investigative demand.

Shares of the medical-devices company were recently down 10 cents at $44.64.

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