SAN DIEGO, Sept. 28, 2022 (GLOBE NEWSWIRE) —
The class: Law firm for shareholder rights Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all individuals and entities that have purchased or otherwise acquired Medtronic PLC MDT Common stock between June 8, 2019 and May 25, 2022 for violations of the Securities Exchange Act of 1934. Medtronic is a medical device company. Its products include the MiniMed insulin pump system for treating diabetes, including the MiniMed 780G model. Medtronic is currently seeking regulatory approval for the MiniMed 780G.
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What is it about in this case: Medtronic PLC (MDT) had inadequate quality control systems, delaying approval of its MiniMed 780G device and causing financial damage to shareholders
According to the lawsuit, during the class action, the defendants repeatedly assured investors that the MiniMed 780G model was “on track” for U.S. Food and Drug Administration (the “FDA”) approval and would provide the company with the advantage it needed a closing a growing gap with its competitors in the diabetes market.
On December 15, 2021, Medtronic announced that it had received a warning letter from the FDA regarding its Northridge, California facility. The warning letter followed an FDA inspection related to the company’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 actions, complaint handling, device recalls.” , and reporting of adverse events.” As a result of the warning letter, Medtronic lowered its guidance for its diabetes group. As a result of the news, Medtronic’s common stock fell $6.75 per share, or about 6%, to close at 104 on December 15, 2021 $.94 per share.
On May 26, 2022, Medtronic reported its financial results for the fourth quarter and full year of fiscal 2022 and…
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