NEW ORLEANS, Nov. 01, 2022 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors that they to have November 7, 2022 Lead plaintiff motions 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.

What you can do

If you have purchased Medtronic stock and would like to discuss your legal rights and how this case may affect you and your right to compensation for your economic loss, you can contact KSF Managing Partner Lewis Kahn toll-free, without obligation and at no cost to you, at 1-877-515-1850 or email ([email protected]) or visit us https://www.ksfcounsel.com/cases/nyse-mdt/ to learn more. If you wish to be a lead plaintiff in this class action lawsuit, you must petition the court November 7, 2022.

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 Local 464A’s Welfare and Pension Fund Trustees – Pension Fund, The…