NEW ORLEANS, Sept. 13, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until November 7, 2022 to file lead plaintiff applications in a securities class action lawsuit against Medtronic plc (NYSE: MDT), if they purchased the Company’s shares between June 8, 2019, and May 25, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of Minnesota.
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About the Lawsuit
Medtronic and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 26, 2022, the Company reported its financial results for the fourth quarter and full fiscal year 2022, and provided guidance for fiscal year 2023, disclosing that as a result of the company’s need to improve its quality control system and its expectation that the MiniMed 780G model – which Defendants had repeatedly identified as crucial to future growth – would not be approved in 2023, the company expected revenues from its Diabetes Group to decline between 6% and 7% in fiscal year 2023.
On this news, shares of Medtronic fell $6.10 per share, or nearly 6%, from a close of $105.54 per share on May 25, 2022, to close at $99.44 per share on May 26, 2022.
The case is The Trustees of the Welfare and Pension Funds of Local 464A – Pension Fund, The Trustees of the Local 464A United Food & Commercial Workers’ Union Welfare Service Benefit Fund, and The Trustees of the New York-New Jersey Amalgamated Pension Plan for Acme Employees v. Medtronic plc, et al., Case No. 22-cv-02197.
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