| COMPANY |
Medtronic plc |
| COURT |
United States District Court for the District of Minnesota |
| CASE NUMBER |
22-cv-02197 |
| JUDGE |
Katherine Marie Menendez |
| CLASS PERIOD |
June 8, 2019 and May 25, 2022 |
| SECURITY TYPE |
Common Stock |
Case Background:
A class action lawsuit was filed on behalf of those who purchased or acquired Medtronic plc (“Medtronic”) (NYSE: MDT) securities between June 8, 2019 and May 25, 2022, inclusive (the “Class Period”)
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the company’s business and operations by failing to disclose that: (1) Medtronic’s product quality control systems were inadequate; (2) Medtronic had failed to comply with numerous regulations regarding risk assessment, corrective and preventive action, complaint handling, device recalls, and reporting of adverse events; (3) these failures increased the risk of regulatory investigation and action; (4) as a result of the company’s misconduct, the FDA would delay the approval of additional Medtronic MiniMed devices, including the MiniMed 780G; (5) these delays in product approvals, as well as the company’s need to improve its quality control systems, would negatively affect Medtronic’s financial performance and cause it to fall further behind its competitors; and (6) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects lacked a reasonable basis.
Current Status of Case:
On October 21, 2024, Lead Plaintiff filed an Amended Complaint. Defendants filed a Motion to Dismiss the Amended Complaint on December 6, 2024 and the parties are currently briefing that Motion. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.