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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; [email protected]

Stock News for Medtronic (MDT)
DateTimeHeadline
02/24/201708:00:06Medtronic Receives CE Mark for Its Next Generation Cardiac Resynchronization...
02/23/201714:31:13New Solitaire(TM) Stent Retriever Study Validates Outcomes and...
02/21/201713:48:31Statement of Changes in Beneficial Ownership (4)
02/21/201712:32:00Medtronic Earnings Fall, Sales Rise -- Update
02/21/201708:18:00Medtronic Earnings Fall, Sales Rise
02/21/201706:48:23Current Report Filing (8-k)
02/21/201706:45:14Medtronic Reports Third Quarter Financial Results
02/17/201708:00:07Medtronic Announces Japanese Regulatory Approval for Micra(TM...
02/16/201712:00:35FDA Approves Expanded Indication for Medtronic Freezor® Xtra...
02/16/201708:58:35Medtronic Introduces Signia(TM) Stapling System, Innovative Surgical...
02/15/201707:00:25Medtronic's OsteoCool(TM) RF Ablation System Receives Expanded...
02/14/201711:42:31Amended Statement of Ownership (sc 13g/a)
02/13/201710:00:15Medtronic EVP & President Michael J. Coyle to Speak at RBC Capital...
02/13/201709:00:08Medtronic Expands Coronary Portfolio to Include New DxTerity(TM...
02/10/201709:00:29Medtronic to Announce Financial Results for Its Third Quarter...
02/10/201708:54:25Amended Statement of Ownership (sc 13g/a)
02/09/201711:14:00Medtronic annonce l'homologation du ballon médicamenté par S...
02/09/201711:03:00Medtronic Announces Health Canada Licence for Drug-Coated Balloon
02/09/201710:46:20Schedule 13g
02/09/201708:00:15First Drug-Coated Balloon (DCB) Study Results in Japan Demonstrate...

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