Kessler Topaz Meltzer & Check, LLP Announces Investor Securities Fraud Class Action Lawsuit Filed Against Penumbra, Inc. – PEN
RADNOR, Pa., February 5, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California for securities fraud against Penumbra, Inc. (NYSE : PEN) (“Penumbra”) on behalf of those who have bought or acquired Penumbra common stock between August 3, 2020 and December 15, 2020including (the “Class Period”).
Deadline Reminder: Investors who have bought or acquired Penumbra common stock during class time, no later than March 16, 2021try to be appointed as the plaintiff’s principal representative of the class. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484-270-1453) or Adrienne Bell, Esq. (484-270-1435); toll free at (844) 887-9500; per email to firstname.lastname@example.org; or click https://www.ktmc.com/penumbra-inc-securities-class-action?utm_source=PR&utm_medium=link&utm_campaign=penumbra
According to the complaint, Penumbra is a global healthcare company that designs, manufactures, and markets innovative medical devices for patients with stroke and other vascular and neurovascular diseases. Until recently, one of Penumbra’s main 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 suction 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 Penumbra, an important source of new revenue.
The complaint alleges that there were concerns about the safety of the Jet 7 Xtra Flex in mid-2020. Despite the safety concerns, Defendants repeatedly reassured investors during the class period that the Jet 7 Xtra Flex was “perfectly safe” and “not a product that may need to be recalled” as Penumbra had put in place all necessary protective measures for patients.
The truth about the safety of Jet 7 Xtra Flex has been revealed to the market through a series of disclosures starting September 2020. On December 15, 2020, after the market closed, Penumbra issued a press release announcing that an “urgent” report had been released. Recall of the Jet 7 Xtra Flex as the catheter “can become vulnerable to distal tip damage during use” which could result in injury or death. Following the news, Penumbra’s share price fell 7% from $ 188.82 per share on December 15, 2020 to $ 174.98 per share on December 16, 2020, down from $ 13.84 per share.
Penumbra investors can, no later than March 16, 2021, attempt to be appointed lead class agent by Kessler Topaz Meltzer & Check, LLP, or other attorney, or elect to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other federal and state law violations. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has reclaimed billions of dollars on behalf of institutional and individual investors from the US and around the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)