NEW YORK, NY / ACCESSWIRE / February 15, 2021 / Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Penumbra, Inc. ("Penumbra" or the "Company") (NYSE:PEN) from August 3, 2020 through December 15, 2020 (the "Class Period"). The lawsuit filed in the United States District for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased Penumbra securities, and/or would like to discuss your legal rights and options please visit Penumbra Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
The complaint alleges that during the Class Period defendants made false and/or misleading statements and/or failed to disclose: (1) that 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 the Jet 7 Xtra Flex causing serious injury and deaths, which had in fact already occurred; (3) that the Jet 7 Xtra Flex was likely to be recalled due to its safety issues; and (4) as a result, Penumbra's public statements were materially false and misleading at all relevant times.
On December 8, 2020, Quintessential Capital Management ("QCM") published a report questioning the validity and independence of the scientific research supporting the Jet 7 Xtra Flex's safety, and accused the Company of using a fake author to publish studies regarding the purported safety and efficacy of its products.
In response, Penumbra's stock price fell by 9%, $224.02 per share on December 7, 2020, to $204.70 per share on December 8, 2020, a decline of $19.95 per share.
On December 15, 2020, after the markets closed, the Company issued a press release announcing that it was issuing an "urgent" recall of the Jet 7 Xtra Flex because the catheter "may become susceptible to distal tip damage during use" which could lead to injury or death. On a conference call held the same day, the Company's CEO acknowledged that the product's design "ma[de] the catheter susceptible to failure in certain scenarios" and that the Company's "steps to ensure the safe use of the product...were not able to fully address the risks."
In response, Penumbra's stock price fell by 7%, from $188.82 per share on December 15, 2020 to $174.98 per share on December 16, 2020, a decline of $13.84 per share.
If you wish to serve as lead plaintiff, you must move the Court no later than March 16, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Penumbra securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/penumbrainc-pen-shareholder-class-action-lawsuit-fraud-stock-345/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]ernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE: Bernstein Liebhard LLP