Medtronic plc. The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the District of Minnesota on behalf of shareholders of Medtronic plc who purchased common stock between June 8, 2019 and May 25, 2022.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed 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 U.S. Food and Drug Administration 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 the Company’s financial performance and cause Medtronic 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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until November 7, 2022 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.