Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion In a Securities Class Action Lawsuit Against Penumbra, Inc.
NEW YORK, January 25, 2021 / PRNewswire / – Bernstein Liebhard, a nationally recognized investor rights law firm, is reminding investors of the deadline to file a motion by a lead plaintiff in a class action lawsuit filed on behalf of investors who bought or acquired the securities of Penumbra. Inc. (“Penumbra” or the “Company”) (NYSE: PEN) of August 3, 2020 by December 15, 2020 (the “Class Period”). The lawsuit has been filed The United States District for the northern district of California alleges violations of the Securities Exchange Act of 1934.
If you have purchased Penumbra securities and / or would like to discuss your statutory rights and options, please visit or contact the Penumbra Shareholder Class Action Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
The complaint alleges that during the classroom the defendants provided false and / or misleading information and / or failed to disclose: (1) that the Jet 7 Xtra Flex had known design flaws that made it unsafe for normal use; (2) that Penumbra has not adequately addressed the risk of the Jet 7 Xtra Flex causing serious injury or death that has actually occurred; (3) that the Jet 7 Xtra Flex is likely to be recalled due to its safety issues; and (4) as a result, Penumbra’s public statements have been materially false and misleading at all relevant times.
On December 8, 2020Quintessential Capital Management (“QCM”) released a report questioning the validity and independence of scientific research in support of the safety of the Jet 7 Xtra Flex, and accused the company of a fake author for publishing supposed safety studies and effectiveness of its products to use.
In response, Penumbra’s share price fell 9%. $ 224.02 per share on December 7, 2020to $ 204.70 per share on December 8, 2020a decrease of $ 19.95 per share.
On December 15, 2020After markets closed, the company issued a press release announcing that the Jet 7 Xtra Flex is being “urgently” recalled as the catheter “may become vulnerable to distal tip damage while in use,” which can lead to injury or death. In a conference call on the same day, the company’s CEO confirmed that the product design was “ma[de] the catheter being prone to failure in certain scenarios “and that the company’s” steps to ensure the safe use of the product … did not fully address the risks “.
In response, Penumbra’s share price fell 7% from $ 188.82 per share on December 15, 2020 to $ 174.98 per share on December 16, 2020a decrease of $ 13.84 per share.
If you want to appear as the lead plaintiff, you must move the court at the latest March 16, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you have purchased penumbra securities and / or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/penumbrainc-pen-shareholder-class-action-lawsuit-fraud-stock-345 / apply / or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has recovered since 1993 $ 3.5 billion for its customers. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to monitor their assets and litigate on their behalf. Based on the success of hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s “Hot List” thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779- 1414. The lawyer responsible for this complaint in the State of Connecticut is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP
SOURCE Bernstein Liebhard LLP