The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Medtronic plc (NYSE: MDT) who purchased common stock between June 8, 2019 and May 25, 2022. The action, which was filed in the United States District Court for the District of Minnesota, alleges that the Company violated federal securities laws.
In particular, the Medtronic lawsuit alleges 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.
Shareholders have until November 7, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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