
Inari Medical, Inc. (NARI)
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.
Investigation
02/16/2022
Initial Lawsuit
03/04/2022
Lawsuit Progression
05/03/2022
Investors investigation following the short report released by Spruce Point Capital Management.
02/16/2022
Spruce Point Capital Management issues a short thesis alleging, among others, that C3.ai “has failed to gain broad market acceptance, is on its third rebrand, and its revenues are being propped up by an aggressively managed and struggling strategic partnership with Baker Hughes amounting to >30% of sales.“
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$24.7 | $25.71 | $-1.01 | -3.93% |
This is a federal securities class action on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired:
(a) C3.ai Class A 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 December 9, 2020; and/or
(b) C3.ai securities between December 9, 2020 and February 15, 2022, 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) C3.ai’s partnership with Baker Hughes was deteriorating;
(ii) C3.ai’s was employing a flawed accounting methodology to conceal the deterioration of its Baker Hughes partnership;
(iii) C3.ai faced challenges in product adoption and significant salesforce turnover;
(iv) the company overstated, inter alia, the extent of its investment in technology, description of its customers, its total addressable market (TAM), the pace of its market growth, and the scale of alliances with its major business partners; and
(v) as a result, the company’s public statements were materially false and misleading at all relevant times.
The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses.
Last event retrieved on 09/25/2022.
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