SAN FRANCISCO, Dec 30, 2020 (GLOBE NEWSWIRE) – Hagens Berman calls on Penumbra, Inc. (NYSE: PEN) Investors to file their losses now. The law firm investigates possible violations of the Securities Act.
Contact an attorney now: PEN@hbsslaw.com | 844-916-0895
Investigation by Penumbra, Inc. (PEN):
The investigation focuses on whether Penumbra has misled investors about the company’s flagship ischemic stroke treatment products.
On November 9, 2020, research firm Quintessential Capital Management (“QCM”) released a damning report on “Penumbra and its” killer catheter “” and concluded: (1) “Penumbra’s flagship Jet 7 is associated with 18 recorded devices 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 appearances, financial metrics are deteriorating rapidly and anticipate a potentially sharp drop in sales. “
Then, on December 8, 2020, QCM released another report accusing Penumbra of using a counterfeit character to generate supporting scientific literature for its products. 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. “ Significantly, Penumbra later admitted that its co-founder, Arani Bose, was the actual author certain challenged literature.
On December 15, 2020, Penumbra announced that all configurations of its JET 7 Xtra Flex device are being voluntarily recalled because it can be prone to damage and subsequent injury or death to the patient during use.
Most recently, on December 28, 2020, research company Marcus Aurelius Worth published a report on the completion of penumbra The recall was not just a question of “bad luck”, but “instead symptomatic of a more ubiquitous rot”. The report accuses Penumbra of abusively using a small Tennessee company as an “independent” core laboratory that has evaluated many clinical trials of Penumbra since at least 2013, despite being registered with the wife of a Penumbra scientific author and site researcher. “
These events have sharply lowered the price of penumbra shares.
“We’re focusing on investor losses and whether Penumbra has misled investors about the safety of the Jet 7 device,” said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are a penumbra investor or have information that may aid our investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblower: Individuals with nonpublic information about penumbra 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.
About Hagens Berman
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Reed Kathrein, 844-916-0895