SAN FRANCISCO, CA / ACCESSWIRE / December 20, 2020 / Hagens Berman updates investors in the following publicly traded companies and encourages investors who have suffered significant losses to reach out to the company. Further details on the examinations can be found under the links provided.
Penumbra, Inc. (NYSE: PEN) investors click here.
SolarWinds Corporation (NYSE: SWI) Investors Click Here.
Investigation by Penumbra, Inc. (PEN):
Contact an attorney now: PEN@hbsslaw.com
The investigation focuses on whether Penumbra has misled investors about the company’s flagship ischemic stroke treatment products.
On November 9, 2020, Quintessential Capital Management (“QCM”) released a damning report entitled “Penumbra and its” Killer Catheter. ” QCM concluded: (1) “Penumbra’s flagship” Jet 7 “has resulted in 18 deaths, 39 injuries: this could just be the ‘tip of the iceberg’;” (2) “[t]The device is unsafe and unmarketable: we believe an FDA Class 1 recall is very likely. (3) “Penumbra may have been very misleading in critical areas of its communications with doctors and investors.” and (4)[d]Despite the occurrence, the financial metrics are deteriorating rapidly and expect a possible sharp decline in sales. “
On December 8, 2020, QCM released another report accusing Penumbra of running a multi-year program to fraudulently produce a significant portion of the scientific literature using a fake character to aid product marketing to healthcare providers. According to QCM “[t]Its deceptive nature appears to have been invented by management in a ruthless attempt to hide its involvement in critical research conducted with significant unknown conflicts of interest. “
Later that day, Penumbra admitted that its co-founder, Arani Bose, was the actual author of published scientific literature in support of the company’s activities.
The story goes on
Most recently, on December 15, 2020, Penumbra announced that it is voluntarily recalling all configurations of its JET 7 Xtra Flex device because of the potential for damage during use and subsequent patient injury or death.
These events have sharply lowered the price of penumbra shares.
“We are focusing on investor losses, among other things, and on whether Penumbra has misled investors about the safety of the Jet 7 and used a fictional author to support its business activities,” said Reed Kathrein, the Hagens Berman partner who runs the Investigation conducted.
If you are a penumbra investor or have information that may aid our investigation, click here to discuss your legal rights with Hagens Berman.
Investigation by SolarWinds Corporation (SWI):
Contact an attorney now: SWI@hbsslaw.com
The investigation focuses on whether SolarWinds has misled investors about the security of its IT surveillance products.
Specifically, on December 13, 2020, Reuters reported that hackers believed to be working for Russia were monitoring email traffic in the US finance and trade departments and that the cyberspies were publicizing SolarWinds through covert manipulation Updates that have penetrated the US have served government clients in the executive, military, and intelligence agencies.
On December 14, 2020, SolarWinds announced that there was evidence that the vulnerability was incorporated into its Orion monitoring products and was present in updates released between March and June 2020.
On December 15, 2020, Reuters reported that (1) security researcher Vinoth Kumar informed SolarWinds last year that anyone with the password “solarwinds123” can access the company’s update server, and (2) Kyle Hanslovan, co-founder of cybersecurity firm Huntress noted that even days after SolarWinds knew their software was compromised, the malicious updates were still available for download.
Days prior to the disclosure, two investors who reportedly control six of the eleven members of SolarWinds’ board of directors sold approximately $ 285 million in shares in the company. The Washington Post reported, “Of course the SEC will be looking at this,” said Jacob S. Frenkel, a former senior attorney in the SEC’s enforcement division. “Big deals before an important announcement, then an announcement.” : This is a formula for an insider trading investigation. ‘”
“We’re concentrating on who at SolarWinds knew about the vulnerabilities and when,” said Reed Kathrein, Hagens Berman partner who led the investigation. “The huge insider sales a few days before the news are staggering.”
If you are a SolarWinds investor and are experiencing significant losses or have knowledge that may aid the company’s investigation, click here to discuss your statutory rights with Hagens Berman.
Whistleblower: Individuals with non-public information about Penumbra and / or SolarWinds should review their options to help with the investigation or to use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Further information is available from Reed Kathrein at 844-916-0895 or send an email to PEN@hbsslaw.com and / or SWI@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities across the country and eighty attorneys. The firm represents investors, whistleblowers, employees and consumers in complex legal disputes. More information about the company and its achievements can be found at hbsslaw.com. For the latest news, visit our newsroom or follow us on Twitter @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
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