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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
09/28/201621:00:00FDA Approves Medtronic's New Automated Insulin Pump -- Update
09/28/201618:46:00FDA Approves Medtronic's New Automated Insulin Pump
09/28/201616:50:00FDA Approves Medtronic's New Automated Insulin Pump
09/28/201616:42:00FDA Approves Medtronic's New Automated Insulin Pump
09/28/201616:27:03Statement of Changes in Beneficial Ownership (4)
09/28/201613:19:35Medtronic Receives FDA Approval for World's First Hybrid Closed...
09/28/201609:00:20Medtronic Receives FDA Clearance of TrailBlazer Angled Peripheral...
09/27/201609:00:35Medtronic Announces First Live Experience of Sugar.IQ with Watson...
09/26/201608:01:27Medtronic's StealthStation® Cranial Software Receives FDA Clearance...
09/20/201612:30:12Medtronic Valiant Captivia Demonstrates Safety and Efficacy at...
09/19/201617:07:45Statement of Changes in Beneficial Ownership (4)
09/19/201616:46:54Statement of Changes in Beneficial Ownership (4)
09/19/201612:45:20New Data Presented in VIVA Late Breaking Clinical Trials Demonstrate...
09/19/201609:30:19Analysis Shows Positive Association Between Cardiac Resynchronization...
09/19/201607:00:00AxoGen, Inc. Appoints Amy Wendell to Board of Directors  
09/15/201608:30:29The Journal of the American Medical Association Publishes Medtronic's...
09/15/201608:00:46Medtronic Names Mark Ploof Senior Vice President of Global Operations...
09/14/201609:00:25Medtronic Announces Approval and Launch of Reveal LINQ(TM) Insertable...
09/13/201611:00:43Medtronic Receives FDA Approval of First Drug-Coated Balloon...
09/12/201609:00:12New ESC Guidelines Support Recent Medtronic Innovations for...

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