Kuznicki Law PLLC 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 shares between June 8, 2019 and May 25, 2022.
Medtronic and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 26, 2022, the Company reported its financial results for the fourth quarter and full fiscal year 2022, and provided guidance for fiscal year 2023, disclosing that as a result of the company’s need to improve its quality control system and its expectation that the MiniMed 780G model – which Defendants had repeatedly identified as crucial to future growth – would not be approved in 2023, the company expected revenues from its Diabetes Group to decline between 6% and 7% in fiscal year 2023.
On this news, shares of Medtronic fell $6.10 per share, or nearly 6%, from a close of $105.54 per share on May 25, 2022, to close at $99.44 per share on May 26, 2022.
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.