SAN FRANCISCO, CA / ACCESSWIRE / January 20, 2021 / Hagens Berman urges Penumbra, Inc. (NYSE:PEN) investors to submit their losses now. A securities fraud class action has been filed, and certain investors may have valuable claims.
Penumbra, Inc. (PEN) Securities Class Action:
The complaint alleges that Penumbra misled investors about the company's Jet 7 Xtra Flex, a flagship product for treating strokes.
According to the complaint, Defendants repeatedly assured investors that the Jet 7 Xtra Flex was "absolutely safe," "exactly what we hoped it would be," and "not a product that has any possibility of needing to be recalled." In truth, Defendants allegedly knew that (1) the Jet 7 Xtra Flex had known design defects that made it unsafe for its normal use; (2) that Penumbra did not adequately address the risk of Jet 7 Xtra Flex causing serious injury and deaths, which had in fact already occurred; and (3) that the Jet 7 Xtra Flex was likely to be recalled due to its safety issues.
The truth emerged through a series of disclosures ending on Dec. 15, 2020, when Penumbra announced it was voluntarily recalling all configurations of its JET 7 Xtra Flex device because it may be susceptible to damage during use and subsequent patient injury or death.
These events have driven the price of Penumbra shares sharply lower.
"We're focused on investor losses and proving Penumbra misled investors about the Jet 7 device's safety," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Penumbra investor or have information that may assist our investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Penumbra should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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SOURCE: Hagens Berman Sobol Shapiro LLP