An Israeli insurance company and asset manager that say they lost more than $15 million by investing in
The Phoenix Holdings Ltd. units’ choice of law firms is also approved, Magistrate Judge John F. Docherty said Wednesday for the US District Court for the District of Minnesota. Robbins Geller Rudman & Dowd LLP will serve as lead counsel and Zimmerman Reed LLP as local counsel.
Three US-based union pension and welfare funds sued Medtronic in September, alleging they were alerted to years of quality problems with a line of insulin pumps only when the FDA issued a warning letter in late 2021.
They say the stock price dropped about 6% when the warning letter was announced, and another 6% in May 2022, when Medtronic provided financial guidance for fiscal year 2023.
The Phoenix Insurance Company Ltd. and Phoenix Provident Pension Fund Ltd. stepped in as a potential lead plaintiff, a bid that was unopposed.
“Phoenix is a sophisticated institutional investor, discloses no conflicts between its own interests and those of other purported class members, alleges losses significant enough to motivate it to litigate this case diligently, and proposes the appointment of competent, experienced, securities class action counsel,” Docherty said.
Lockridge Grindal Nauen PLLP and Kessler Topaz Meltzer & Check LLP filed the union funds’ suit. Williams & Connolly LLP and Jones Day represent Medtronic.
The case is Trs. of Welfare & and Pen. Funds of Local 464A v. Medtronic PLC, 2022 BL 427028, D. Minn., No. 22-CV-02197, 11/30/22.
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