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Medtronic Says Reached Deal On Shareholder Suit For $85 Million

DOW JONES NEWSWIRES Medtronic Inc. (MDT) said it reached an agreement in principle to settle all claims in a previously disclosed federal shareholder class action for $85 million. The action, initially filed in December 2008 against the medical-device maker and certain current and former officers by the Minneapolis Firefighters Relief Association, had sought damages for alleged misrepresentations and omissions by the company. Under the settlement, Medtronic explicitly denies that it made any misrepresentations or omissions or that it otherwise engaged in any wrongdoing, it said. The deal is subject to court approval and some final documentation. The company expects to file the settlement cost as a one-time charge in its current fourth quarter, which ends April 27. Medtronic has continued to see challenges in its key cardiac-rhythm and spine segments. Last month, the company said its fiscal third-quarter earnings rose 1.2% to $935 million, aided by fewer charges and the impact of divesting its Physio-Control business. Revenue was up 1.6% at $3.92 billion. Shares closed Friday at $39.19 and were up 3 cents after hours. The stock is up 2.5% over the past three months. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Medtronic (MDT)
DateTimeHeadline
07/30/201515:57:33Statement of Changes in Beneficial Ownership (4)
07/24/201516:07:21Additional Proxy Soliciting Materials (definitive) (defa14a)
07/24/201516:04:37Proxy Statement (definitive) (def 14a)
07/17/201517:15:03Securities Registration: Business Combination (s-4)
07/17/201517:15:03Securities Registration: Business Combination (s-4)
07/17/201516:54:53Current Report Filing (8-k)
07/16/201516:01:27Statement of Changes in Beneficial Ownership (4)
07/15/201508:35:27Tissue is the Issue When Performing a Biopsy for Potential Lung...
07/14/201516:56:41Amended Current Report Filing (8-k/a)
07/13/201509:43:17Medtronic to Acquire RF Surgical for $235 Million
07/13/201508:35:23Medtronic to Acquire RF Surgical Systems, Developer of Detection...
07/08/201510:00:57Medtronic Announces the Global Launch of the CD Horizon® Solera® V...
06/30/201516:15:00Medtronic Announces Date for 2015 Annual Meeting
06/29/201518:10:04American Heart Association's New Stroke Treatment Guidelines...
06/29/201516:37:53Amended Statement of Changes in Beneficial Ownership (4/a)
06/28/201509:43:03Why Samsung Is Partnering Up with This Healthcare Company
06/25/201511:00:36Medtronic Announces Expansion of MR-Conditional Products with...
06/25/201510:24:04Waters Appoints Medtronic Veteran as New CEO
06/25/201509:20:25Current Report Filing (8-k)
06/25/201509:10:21Medtronic Names Geoff Martha Executive Vice President and President...

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