Lawsuit filed for Investors in shares of Penumbra, Inc. (NYSE: PEN)

An investor, who purchased shares of Penumbra, Inc. (NYSE: PEN), filed a lawsuit over alleged violations of Federal Securities Laws by Penumbra, Inc.

Investors who purchased shares of Penumbra, Inc. (NYSE: PEN) have certain options and for certain investors are short and strict deadlines running. Deadline: March 16, 2021. NYSE: PEN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Alameda, CA based Penumbra, Inc. designs, develops, manufactures, and markets medical devices in the United States, Europe, Canada, Australia, Japan, and internationally. Until recently, one of the Company’s flagship products was the “Jet 7 Xtra Flex,” an aspiration catheter designed to be inserted into an affected artery, navigated to a blood clot, and used to suck the clot out of the patient’s body

On November 10, 2020, a research report was issued on the Company entitled “Penumbra and its ‘Killer Catheter’: A tale of corporate greed and seemingly blatant disregard for patients’ lives[.]”

On November 23, 2020, an article was published presenting the cases of three patients who suffered as a result of Jet 7 Xtra Flex device malfunctions, including two fatalities. As this report became more widely circulated, it caused Penumbra stock to fall from $254.71 on November 23, 2020, to $224.12 on November 25, 2020, a decline of about 12%.

On December 8, 2020, a follow-up research report was released entitled “Is Penumbra’s core scientific research authored by a fake person?: The incredible story of Penumbra’s Dr. Antik Bose[.]” The follow-up report alleged that some of Penumbra’s scientific research pieces appear to have been incorrectly attributed or even authored by a fake individual.

On December 15, 2020, after the market closed, Penumbra, Inc announced that it was issuing an “urgent” and “voluntary” 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.

Shares of Penumbra, Inc. (NYSE: PEN) declined from $273.94 per share on November 12, 2020, to $171.22 per share on December 29, 2020.

The plaintiff claims that between August 3, 2020 and December 15, 2020, the Defendants failed to disclose to investors that the Jet 7 Xtra Flex had known design defects that made it unsafe for its normal use, that Penumbra did not adequately address the risk of Jet 7 Xtra Flex causing serious injury and deaths, which had in fact already occurred, that the Jet 7 Xtra Flex was likely to be recalled due to its safety issues, and that as a result, Penumbra’s public statements as set forth above were materially false and misleading at all relevant times.

Those who purchased shares of Penumbra, Inc. (NYSE: PEN) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.