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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
07/20/201610:00:14Medtronic Receives First-Ever FDA Clearance for Cement-Augmented...
07/19/201613:58:28Statement of Changes in Beneficial Ownership (4)
07/19/201609:00:33Medtronic Expands Continuous Glucose Monitoring (CGM) Solutions...
07/18/201609:00:34Medtronic Receives FDA Approval for Two-Level Prestige LP(TM...
07/15/201617:03:00Proxy Statement - Notice of Shareholders Meeting (preliminary...
07/15/201611:00:19Medtronic Foundation Calls for Applications for 2016 Bakken Invitation...
07/15/201610:00:08Medtronic Launches Revamped Minimally Invasive Spine Fusion Procedures
07/14/201616:42:16Statement of Changes in Beneficial Ownership (4)
07/14/201616:31:08Statement of Changes in Beneficial Ownership (4)
07/13/201609:00:20Medtronic Receives FDA Approval for IN.PACT Admiral DCB 150 mm...
07/13/201609:00:00Sales of Medical Wearable Devices Jump in 2016
07/11/201609:00:17FDA Clears Expanded Indications for Medtronic NuVent(TM) EM Sinus...
07/08/201609:23:48Statement of Changes in Beneficial Ownership (4)
07/06/201616:34:03Statement of Changes in Beneficial Ownership (4)
07/01/201617:31:00Medtronic Files 8K - Changes Executive Management
07/01/201617:02:31Current Report Filing (8-k)
06/30/201618:21:00NuVasive Agrees to Pay $45 Million to Settle Patent Dispute With...
06/30/201617:19:00NuVasive Agrees to Pay $45 Million to Settle Patent Dispute With...
06/28/201614:03:48Statement of Changes in Beneficial Ownership (4)
06/28/201609:00:09Medtronic Announces Beacon Heart Failure Management Service...

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