Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Penumbra, Inc. (PEN) | State
THE ANGEL, February 4, 2021 / PRNewswire / – Glancy Prongay & Murray LLP (“GPM”) reminds investors of the impending development March 16, 2021 Deadline for filing a lead plaintiff motion in the class action filed on behalf of investors who have between or purchased common stock of Penumbra, Inc. (“Penumbra” or the “Company”) (NYSE: PEN) August 3, 2020 and December 15, 2020including (the “Class Period”).
If you have suffered a loss on your penumbra investments or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, your contact information can be found at https://www.glancylaw.com/cases Submit / penumbra-inc /. You can also contact Charles H. Linehan, from GPM at 310-201-9150, toll free at 888-773-9224, or email Shareholder@glancylaw.com to learn more about your rights.
One of the company’s flagship products is the Jet 7 Xtra Flex, an aspiration catheter for removing blood clots.
On September 14, 2020The Financial Journalism Foundation published an article expressing concerns about the safety profile of the Jet 7 Xtra Flex, including the fact that 12 deaths have been reported since the product was launched in mid-2019.
In the news, the company’s share price fell $ 5.77or 3% to close at $ 193.66 per share on September 14, 2020.
On November 9, 2020Quintessential Capital Management released a research report on the company entitled “Penumbra and Its’ Killer Catheter ‘: A History of Corporate Greed and Apparently Obvious Disregard for Patients’ Lives.”[.]”The report accused Penumbra of” apparently blatant disregard for the lives of patients. “The company continued to insist that the Jet 7 Xtra Flex was” perfectly safe “and denied claims to the contrary, stating that it” made no sense ” made and there “is no problem.”
On 23 November 2020The Journal of NeuroInventional Surgery published an article presenting three cases of patients who had suffered from Jet 7 Xtra Flex malfunction. The article became widely known over the next two days.
In the news, the company’s share price fell $ 30.59or 12% to close at $ 224.12 per share on November 25, 2020.
On December 8, 2020Quintessential Capital Management released a follow-up research report entitled, “Is Penumbra’s Nuclear Scientific Research Authored By A Forged Person ?: The Incredible Story of Dr. Antik Bose of Penumbra.”[.]”The follow-up report alleged that some of Penumbra’s scientific research was falsely attributed or even authored by a counterfeit person.
In the news, the company’s share price fell $ 19.95 per share or nearly 9% to close $ 204.07 per share on December 8, 2020thereby hurting investors.
On December 15, 2020After the market closed, Penumbra announced that it is voluntarily “recalling its JET 7 Xtra Flex” as the catheter can become vulnerable to damage to the distal tip while in use[, which] can lead to possible vascular damage and subsequent injury or death to the patient. “
In the news, the company’s share price fell $ 13.84 per share or nearly 7% to close $ 174.98 per share on December 16, 2020thereby hurting investors.
The complaint filed alleges that throughout the class period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, business and prospects. Specifically, Defendants have failed to advise 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 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, defendants’ statements about their business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times.
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If you have purchased or otherwise acquired common stock of Penumbra during the class period, you may move to court at the latest March 16, 2021 to seek appointment as the lead plaintiff in this alleged class action lawsuit. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, by GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email firstname.lastname@example.org, or visit our website at www.glancylaw.com. When inquiring by email, please include your mailing address, telephone number and number of shares purchased.
This press release may be viewed as a solicitor advertisement in some jurisdictions under applicable laws and ethical rules.
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SOURCE Glancy Prongay & Murray LLP