Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Penumbra, Inc. and Encourages Investors to Contact the Firm
NEW YORK, March 12, 2021 (GLOBE NEWSWIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of investors who purchased between August 3, 2020 and December 15, 2020 (the “Class Period”) common shares of Penumbra, Inc. (NYSE: PEN). Investors have until March 16, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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Penumbra is a global healthcare company that develops, manufactures, and markets innovative medical devices for patients with stroke and other vascular and neurovascular diseases.
Until recently, one of the company’s flagship products was the Jet 7 Xtra Flex, an aspiration catheter that was inserted into an affected artery, navigated to a blood clot, and used to aspirate the clot from the patient’s body. The Jet 7 Xtra Flex was launched in the US market in July 2019 and quickly became a “growth driver” for the company, an important source of new revenue.
The truth emerged from a series of statements that caused Penumbra’s share price to fall and investors to suffer significant losses.
The company most recently published a press release on December 15, 2020 announcing that the Jet 7 Xtra Flex is being “urgently” and “voluntarily” recalled as the catheter “can become vulnerable to damage to the distal tip while in use” can result in injury or death.
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, 2020, a decrease of $ 13.84 per share.
The complaint, filed on January 15, 2021, alleges that the defendants made false and / or misleading statements and / or failed to disclose material adverse facts about the safety of the Jet 7 Xtra Flex and about the business, operations and prospects of the company to have. Among other things, Defendants did not disclose to investors: (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 Jet 7 Xtra Flex causing serious injury or death that has actually occurred; (3) that the Jet 7 Xtra Flex has likely been recalled because of its safety issues; and (4) as a result, the public statements by Penumbra set forth above have been materially false and misleading at all relevant times.
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If you have purchased and suffered a loss in Penumbra common stock during the Class Period, are a long-term shareholder, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to them, please contact Brandon Walker, Melissa Fortunato or Marion Passmore by email at email@example.com, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.