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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
06/28/201614:03:48Statement of Changes in Beneficial Ownership (4)
06/28/201609:00:09Medtronic Announces Beacon Heart Failure Management Service...
06/28/201606:50:58Annual Report (10-k)
06/28/201603:03:00Medtronic to Buy Heart-Care Firm -- WSJ
06/27/201617:05:00INVESTOR ALERT: Levi & Korsinsky, LLP Announces an Investigation...
06/27/201614:45:00Medtronic to Buy HeartWare for $1.1 Billion -- Update
06/27/201609:00:00Medtronic to Buy HeartWare for $1.1 Billion
06/27/201608:43:00Medtronic to Buy HeartWare for $1.1 Billion
06/27/201608:31:00HEARTWARE (HTWR) ALERT: Johnson & Weaver, LLP Launches an Investigation...
06/27/201606:45:18Medtronic to Expand Heart Failure Portfolio with Acquisition...
06/24/201606:45:09Medtronic Announces Double-Digit Increase in Cash Dividend; Reaches...
06/23/201620:00:00World Stroke Organization and Medtronic Collaborate to Increase...
06/21/201616:36:27Statement of Changes in Beneficial Ownership (4)
06/21/201616:34:20Initial Statement of Beneficial Ownership (3)
06/20/201612:49:00Innovation in Wearable Devices in the Medical Sector Surge
06/17/201609:00:16New Clinical Study Will Evaluate MRI-Guided Laser Ablation for...
06/13/201620:11:00Firms That Left U.S. Still Enjoy Perks
06/10/201609:00:10Medtronic Converts 125 Million Patient Days of Data Into Personalized...
06/10/201604:00:38FIRE AND ICE Data Show Fewer Repeat Ablations and Hospitalizations...
06/09/201619:12:00Medtronic Wins Tax Court Case Over IRS -- Update

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