SAN FRANCISCO, December 16, 2020 / PRNewswire / – Hagens Berman urges Penumbra, Inc. (NYSE: PEN) investors to file their losses now. The law firm is investigating possible violations of the Securities Act.
Contact an attorney now: [email protected]
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, 2020Quintessential Capital Management (“QCM”) released a damning report entitled “Penumbra and its” Killer Catheter. ” QCM concluded: (1) “Penumbra’s flagship Jet 7” has been linked to 18 registered deaths and 39 injuries is just 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 next December 8, 2020QCM released another report accusing Penumbra of running a multi-year program to fraudulently produce a significant portion of the scientific literature using a counterfeit 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 its co-founder, Arani Bosewas the actual author of published scientific literature in support of the company’s activities.
Last on December 15, 2020Penumbra announced that it is voluntarily recalling all configurations of its JET 7 Xtra Flex device as it could be damaged during use and injure or kill the patient.
These events have sharply lowered the price of Penumbra shares.
“We’re focusing on investor losses, among other things, and whether Penumbra has misled investors about the safety of the Jet 7 and used a fictional writer to support its business,” he 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.
Whistleblowers: Individuals with nonpublic information about penumbra should review their options to help with the investigation or use the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Please call for more information Reed Kathrein at 844-916-0895 or by email [email protected].
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SOURCE Hagens Berman Sobol Shapiro LLP