NEW ORLEANS, Oct. 25, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, is reminding investors they have until November 7, 2022 Lead Plaintiff motions to file in a securities class action lawsuit against Medtronic plc (NYSE: MDT) if they purchased the Company’s stock between June 8, 2019 and May 25, 2022 inclusive (the “Class Period”). This lawsuit is pending in the United States District Court for the District of Minnesota.

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Medtronic investors should visit us at https://claimsfiler.com/cases/nyse-mdt-4/ or call toll free (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.

About the lawsuit

Medtronic and certain of its officers are alleged to have failed to disclose material information during the Class Period in violation of federal securities laws.

On May 26, 2022, the Company reported its fourth quarter and full fiscal year 2022 financial results and guidance for fiscal year 2023 and announced that due to the need to improve its quality control system and its expectation that the MiniMed 780G model — which defendants had repeatedly identified as critical to future growth — would not be approved in 2023, the company expected its diabetes group’s revenue to decline between 6% and 7% in fiscal 2023.

As a result of this news, Medtronic shares fell $6.10 per share, or nearly 6%, from a closing price of $105.54 per share on May 25, 2022 to a closing price of $99.44 per share on May 26, 2022.

The case is The Local 464A Welfare and Pension Fund Trustees – Pension Fund, the Local 464A United Food & Commercial Workers’ Union Welfare Service Benefit Fund Trustees, and the New York-New Jersey Amalgamated Pension Plan for Acme Employees v Medtronic plc, et al., Case #22-cv-02197.

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