BERWYN, Pa., January 26, 2021 / PRNewswire / – RM LAW, PC announces that a class action lawsuit has been filed on behalf of any person or entity who purchased securities from Penumbra, Inc. (“Penumbra” or the “Company”) (NYSE: PEN) during the period from August 3, 2020 by December 15, 2020including (the “Class Period”).
Penumbra shareholders can do so no later than March 16, 2021to move the court to appoint the lead plaintiff for the class. If you have purchased shares in Penumbra and would like to learn more about these claims, or if you would like to discuss these matters and have any questions about this announcement or your rights, please contact Richard A. Maniskas, Esquire toll free at (844) 291-9299 or to register online, click here.
Penumbra’s class action lawsuit alleges that throughout 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, the public statements by Penumbra set forth above have been materially false and misleading at all relevant times.
On September 14, 2020The Financial Journalism Foundation (“FFJ”), an independent, not-for-profit news agency, published an article raising serious questions about the security profile of the Jet 7 Xtra Flex. The FFJ found that since it was launched in mid-2019, a US Food and Drug Administration (FDA) database has listed twelve deaths after a surgeon injected an iodine contrast dye into the Jet 7 Xtra Flex. The FFJ article also described how Penumbra’s warnings about using the product with contrast and non-penumbra products did little to address the safety issues of the Jet 7 Xtra Flex. In response, Penumbra’s share price fell.
Then further 23 November 2020An article was published in the Journal of NeuroInterventional Surgery presenting the cases of three patients who suffered from Jet 7 Xtra Flex device malfunction, including two deaths. As this report got wider, Penumbra’s stock price fell approximately 12% 23 November 2020 to November 25, 2020.
Then continue December 8, 2020Securities research firm Quintessential Capital Management released a report questioning the validity and independence of scientific research in support of the safety of the Jet 7 Xtra Flex and accusing Penumbra of being a fake author for publishing studies on the alleged safety and effectiveness of its products use. In response, Penumbra’s share price fell another 9%.
Finally on December 15, 2020Penumbra issued a press release announcing that the Jet 7 Xtra Flex is being “urgently” recalled because the catheter “may become vulnerable to distal tip damage during use”, which could result in injury or death. In a conference call on the same day, the CEO of Penumbra confirmed that the product design was “ma[de] The catheter is prone to failure in certain scenarios “and the steps of penumbra” to ensure safe use of the product. . . could not fully address the risks. “In response, Penumbra’s share price fell 7%, which continued to hurt investors.
If you are a member of the class, you can at the latest March 16, 2021, ask the court to appoint you as the lead plaintiff for the class. A lead plaintiff is a representative party who acts on behalf of other 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. In certain circumstances, one or more class members may act together as the “lead plaintiff”. However, your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff. You can keep RM LAW, PC or any other lawyer of your choice to act as your attorney in this promotion. For further information please contact RM LAW, PC (Richard A. Maniskas, Esquire) toll free at (844) 291-9299 or by email at [email protected] or click here. For more information on class actions in general, or to learn more about RM LAW, PC, please visit our website by clicking here.
RM LAW, PC is a national law firm for shareholders. RM LAW, PC is dedicated to protecting the interests of individual and institutional investors in shareholder claims in state and federal courts across the country.
SOURCE RM LAW, PC