Medtronic PLC Shareholder Alert: Robbins LLP Notifies Investors of Class Action Lawsuit Against Medtronic PLC (MDT)

SAN DIEGO–(BUSINESS WIRE)–The class: Law firm in shareholder law Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all persons and entities who purchased or otherwise acquired common stock of Medtronic PLC (NYSE:MDT) between June 8, 2019 and May 25, 2022, for violation of the Securities Exchange Act of 1934 Medtronic is a medical device company. Among its products is the MiniMed insulin pump system for the treatment of diabetes, including the MiniMed 780G model. Medtronic is currently seeking regulatory approval for the MiniMed 780G.

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What this case is about: Medtronic PLC (MDT) had inadequate quality control systems, which delayed approval of its MiniMed 780G device and caused financial harm to shareholders.

According to the Complaint, during the Class Period, the Defendants repeatedly assured investors that the MiniMed 780G model was “on track” to be approved by the United States Food and Drug Administration (the “FDA ”) and would provide the company with the edge it needed to close a growing gap with its competitors in the diabetes market.

On December 15, 2021, Medtronic disclosed that it had received a warning letter from the FDA regarding its Northridge, California facility. The warning letter followed an FDA inspection of the company’s MiniMed 600 series recall and focused on “inadequacy of specific medical device quality system requirements . . . in the areas of risk assessment, corrective and preventive actions, complaint handling, device recalls and adverse event reporting. Following the warning letter, Medtronic lowered its guidance for its Diabetes group. On news, Medtronic common stock price fell $6.75 per share, or about 6%, to close at $104.94 per share on Dec. 15, 2021.

On May 26, 2022, Medtronic released its fourth quarter and full fiscal year 2022 financial results and provided guidance for fiscal 2023. In particular, defendants disclosed that due to the need for company to improve its quality control system and its expectation that the MiniMed 780G model – which defendants had repeatedly identified as crucial for future growth – would not be approved in 2023, the company expected that revenue from its Diabetes Group declines between 6% and 7% in fiscal 2023. , Medtronic’s common stock price fell $6.10 per share, or nearly 6%, from a close of $105.54 per share on May 25, 2022 to $99.44 per share on May 26, 2022.

Next steps: If you acquired shares of Medtronic PLC between June 8, 2019 and May 25, 2022, you have until November 7, 2022 to ask the court to appoint you as lead class plaintiff. A lead plaintiff is a representative party acting on behalf of other class members to direct litigation. You don’t have to be in the case to be eligible for a clawback.

All representation is done on a contingent fee basis. Shareholders do not pay any fees or expenses.

Contact us for more information:

Aaron Dumas

(800) 350-6003

[email protected]

Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP are dedicated to helping shareholders recoup losses, improving corporate governance structures and holding corporate executives responsible for their wrongdoings since 2002. To be notified if a class action lawsuit against Medtronic PLC settles or to receive free alerts when corporate executives commit wrongdoing, sign up for Watch Inventory today.

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