Mine was just fixed b/c of this code on a 16' Silverado 5.3l 8speed m5u tranny.
While the pan was dropped I had them completely drain all bad fluid completely, new tranny filter, new best blue label Mobil 1, new 2 piece wiring harness, transmission relearn.
We will see...it did start shifting really.bad when check engine light came on,( po711)
Transmission temperature sensor was verify ok by the ohm reading taken.
If I can I'm flipping my pill to reduce the oil temperature ( I'm regularly seeing 185-195deg.f)