NEW YORK, Oct. 22, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP Investigating Claims on Behalf of Investors of Medtronic Plc (“Medtronic” or the “Company”) MDT. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation concerns whether Medtronic and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
On December 15, 2021, Medtronic announced that it had received a warning letter from the U.S. Food and Drug Administration (“FDA”) regarding its Northridge, California facility (the “Warning Letter”). 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 Adverse Events.” The Warning Letter further explained that Medtronic had been aware of the quality issues at MiniMed for several years before the company finally initiated the recall and that it had failed to adequately respond to complaints and report safety issues. As a result of the Warning Letters — including the resulting uncertainty about FDA approval of the MiniMed 780G and other products in Medtronic’s diabetes operating unit (the “Diabetes Group”) — Medtronic lowered its guidance for its Diabetes Group and is now guidance for this Diabetes product – Group revenue would decline in the mid-single digits for fiscal 2022.
As a result of this news, Medtronic’s stock price fell $6.75 per share, or about 6%, to close at $104.94 per share on December 15, 2021.
Then, on May 26, 2022, Medtronic reported its financial results for the fourth quarter and full year of fiscal 2022 and provided guidance for fiscal 2023. Specifically, the Company announced that due to its need to…
