According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- Medtronic’s product quality control systems were inadequate;
- Medtronic had failed to comply with numerous regulations regarding risk assessment, corrective and preventive action, complaint handling, device recalls, and reporting of adverse events;
- these failures increased the risk of regulatory investigation and action;
- as a result of the company’s misconduct, the U.S. Food and Drug Administration (“FDA”) would delay the approval of additional Medtronic MiniMed devices, including the MiniMed 780G;
- these delays in product approvals, as well as the Company’s need to improve its quality control systems, would negatively affect Medtronic’s financial performance and cause it to fall further behind its competitors; and
- as a result of the foregoing, defendants’ statements about the company’s business, operations, and prospects lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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