Investors sue Medtronic over insulin pump problems

An FDA warning letter for Medtronic’s Diabetes business cast uncertainty over approval of the company’s next-gen MiniMed 780G system. [Image from Medtronic]Add a potential class action shareholder lawsuit to the challenges Medtronic (NYSE: MDT)  is facing over its Diabetes business.

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 a…

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