
Inari Medical, Inc. (NARI)
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.
Investigation
11/11/2021
Initial Lawsuit
01/06/2022
Lawsuit Progression
04/26/2022
Investigation into Bright Health post initial public offering’s decrease in stock price and Covid-19 related costs unfavorable impact disclosed in its Q3 2021 financial results.
11/11/2021
Bight Health reports its Q3 2021 financial results (the second quarter reported post-IPO), including a GAAP net loss of $296.7 million in the third quarter of 2021, an increase of $237.5 million compared to the prior-year period.
“Bright Health Group’s medical cost ratio (“MCR”) for the third quarter of 2021 was 103.0%, which includes a 540 basis point unfavorable impact from COVID-19 related costs and a 900 basis point unfavorable impact primarily from a cumulative reduction in premium revenue due to an inability to capture risk adjustment on newly added lives. Our MCR in the third quarter of 2020 was 90.1%, which included a 390 basis point unfavorable impact from COVID-19 costs and a 530 basis point favorable impact from non-COVID prior period developments.”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$4.94 | $7.3 | $-2.36 | -32.33% |
Plaintiff brings this federal securities class action on behalf of a class consisting of all persons and entities other than defendants (defined in the complaint) that purchased or otherwise acquired:
(a) Bright Health common stock pursuant and/or traceable to the offering documents issued in connection with the company’s initial public offering (IPO) conducted on or about June 24, 2021; and/or
(b) Bright Health securities between June 24, 2021 and November 10, 2021, both dates inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) Bright Health had overstated its post-IPO business and financial prospects;
(ii) the company was ill-equipped to handle the impact of COVID-19-relatedcosts;
(iii) the company was experiencing a decline in premium revenue because of a failure to capture risk adjustment on newly added lives;
(iv) all the foregoing was reasonably likely to have a material negative impact on Bright Health’s business and financial condition; and
(v) as a result, the offering documents and defendants’ public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.
04/26/2022
The court issued an order appointing the lead plaintiff and lead counsel.
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