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Preliminary Injunction sends Medtronic lower

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Shares of the medical device maker Medtronic, Inc. (NYSE:MDT) are currently trading in the negative territory after Edwards Lifesciences Corp (NYSE:EW) won a preliminary injunction limiting the number of CoreValue systems that Medtronic could sale. The injunction stems from a 2010 patent infringement ruling in favor of Edwards Lifesciences. In the patent infringement suit, it was found that the technology used to produce Medtronic’s CoreValue system infringed on an existing patent held by Edwards Lifesciences. Within seven business days, the injunction will go into effect. As a result of the injunction, JP Morgan downgraded Medtronic from overweight to neutral.