Medtronic plc Class Action Lawsuit - MDT
Investors who suffered a loss and would like to learn more, click here to contact us.
The Medtronic class action lawsuit seeks to represent purchasers or acquirers of Medtronic plc (NYSE: MDT) common stock between June 8, 2019 and May 25, 2022, inclusive (the “Class Period”). The Medtronic class action lawsuit – captioned The Trustees of the Welfare and Pension Funds of Local 464A – Pension Fund v. Medtronic plc, No. 22-cv-02197 (D. Minn.) – charges Medtronic and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Medtronic class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Medtronic class action lawsuit must be filed with the court no later than November 7, 2022.
CASE ALLEGATIONS: Among Medtronic’s medical device products is the MiniMed insulin pump system for the treatment of diabetes, including the MiniMed 600 series models and the MiniMed 780G model. Medtronic is currently seeking regulatory approval for the MiniMed 780G model, which uses an advanced hybrid closed loop system. During the Class Period, defendants repeatedly assured investors that the MiniMed 780G model was “on track” for approval by the U.S. Food and Drug Administration (the “FDA”) and would provide Medtronic with the edge it needed to close a growing gap with its competitors in the diabetes market.
But as the Medtronic class action lawsuit alleges, defendants made these representations despite known issues with the MiniMed 600 series models. Specifically, defendants misrepresented and/or failed to disclose that: (i) Medtronic’s product quality control systems were inadequate; (ii) Medtronic had failed to comply with numerous regulations regarding risk assessment, corrective and preventive action, complaint handling, device recalls, and reporting of adverse events; (iii) these failures increased the risk of regulatory investigation and action; (iv) as a result of Medtronic’s misconduct, the FDA would delay the approval of additional Medtronic MiniMed devices, including the MiniMed 780G; and (v) these delays in product approvals, as well as Medtronic’s need to improve its quality control systems, would negatively affect Medtronic’s financial performance and cause Medtronic to fall further behind its competitors.
On December 15, 2021, Medtronic revealed that it had received a warning letter from the FDA regarding its Northridge, California facility (the “Warning Letter”). The Warning Letter followed an FDA inspection relating to Medtronic’s MiniMed 600 series recall, and focused on “the inadequacy of specific medical device quality system requirements . . . in the areas of risk assessment, corrective and preventive action, complaint handling, device recalls, and reporting of adverse events.” The Warning Letter further explained that Medtronic had known about the MiniMed quality issues for several years before Medtronic finally initiated the recall, and that it failed to appropriately respond to complaints and report safety issues. On this news, the price of Medtronic common stock declined by approximately 6%.
Then, on May 26, 2022, Medtronic disclosed that as a result of Medtronic’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, Medtronic expected 2023 diabetes fiscal revenues to decline between 6% and 7% compared to 2022. On this news, the price of Medtronic common stock fell by nearly 6%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Medtronic common stock during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Medtronic class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Medtronic class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Medtronic class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.