The Medical Device Business Journal — Medical Device News & Articles | MassDevice

The law firm of Kessler Topaz Meltzer & Check announced last week that it has sued the medtech giant in U.S. District in Minnesota, claiming securities fraud over how it disclosed insulin pump problems.

The initial plaintiffs in the suit are the Trustees of the Welfare and Pension Funds of Local 464A – Pension Fund, the trustees of the Local 464A United Food & Commercial Workers’ Union Welfare Service Benefit Fund, and the trustees of the New York-New Jersey Amalgamated Pension Plan for Acme Employees.

The complaint, filed September 8, is also against present and former top Medtronic executives. It claims that they repeatedly assured investors from 2019 onward that FDA approval of the next-gen MiniMed 780G  insulin pump was on track. Meanwhile, recall problems mounted with previous models.

In a statement shared with MassDevice, Medtronic spokesperson Erica Winkels said the company has been made aware of the shareholder lawsuit but has not been served or reviewed the complaint.

MDT shares are trading today at roughly $92 apiece, down more than 13% for the year. The performance, however, is better than the overall medtech industry. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, is down more than 23% year-to-date.

Get the full story on our sister site Drug Delivery Business News. 

Filed Under: Business/Financial News, Diabetes, Drug Pumps, Featured, Legal News, News Well, Wall Street Beat Tagged With: insulin pump, Medtronic

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