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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
08/26/201609:18:00Medtronic Files 8K - Increased Financial Obligation
08/26/201608:30:39Medtronic, on Behalf of Its Subsidiary Heartware International...
08/25/201609:45:00U.S. Hot Stocks: Hot Stocks to Watch
08/25/201608:30:00Medtronic Profit Rises, Helped by Lower Expenses
08/25/201606:50:45Current Report Filing (8-k)
08/25/201606:45:17Medtronic Reports First Quarter Financial Results
08/23/201608:54:05Medtronic Completes Acquisition of HeartWare International
08/19/201616:15:31Medtronic Announces Cash Dividend for Second Quarter of Fiscal...
08/17/201615:19:20Statement of Changes in Beneficial Ownership (4)
08/16/201609:00:24Medtronic to Announce Financial Results for Its First Quarter...
08/11/201607:00:15Medtronic Announces U.S. Launch of the MiniMed® 630G System...
08/10/201608:28:25Proxy Statement (definitive) (def 14a)
08/08/201609:00:17Medtronic Receives CE Mark for SureTune2(TM) for Deep Brain Stimulation...
08/03/201613:49:38Statement of Changes in Beneficial Ownership (4)
08/03/201613:47:42Statement of Changes in Beneficial Ownership (4)
08/03/201613:46:32Statement of Changes in Beneficial Ownership (4)
08/03/201613:45:40Statement of Changes in Beneficial Ownership (4)
08/03/201613:44:18Statement of Changes in Beneficial Ownership (4)
08/03/201613:43:22Statement of Changes in Beneficial Ownership (4)
08/03/201613:42:07Statement of Changes in Beneficial Ownership (4)

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