
Inari Medical, Inc. (NARI)
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.
Investigation
09/28/2020
Initial Lawsuit
09/28/2020
Lawsuit Progression
01/12/2021
Investigation regarding statements made by the company about the safety of its practices at the its North Goonyella mine, following its emergence from bankruptcy protection in April 2017: whether the company failed to implement adequate safety controls at the mine to prevent the risk of the fire on September 28, 2018, and whether Peabody continued digging its own hole with statements about the feasibility of its plan to restart operation at the mine.
10/29/2019
Peabody reports its Q3 2019 financial results. Peabody discloses for the first time that the Queensland Mines Inspectorate’s strict restrictions on restarting operations at the North Goonyella mine would result in a three or more year delay before any meaningful coal could be produced.
See more on Factual TimelinePlaintiff brings this securities class action brought on behalf of all persons or entities who purchased or otherwise acquired Peabody common stock from April 3, 2017 through October 28, 2019, 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:
(a) the Company had failed to implement adequate safety controls at the North Goonyella mine to prevent the risk of a spontaneous combustion event;
(b) the Company failed to follow its own safety procedures;
(c) as a result, the North Goonyella mine was at a heightened risk of shutdown;
(d) the review of the mine’s records suggested that gas trends were not given sufficient consideration, which may have impacted the way in which [trigger action response plans] were applied and actioned;
(e) some key reports relating to the mine’s ventilation plan, gas alarm system and explosion risk zone controls did not appear to have been reviewed or countersigned by key personnel, as required under the mine’s safety and health management system;
(f) there was evidence that some boreholes located deep within the 9N goaf region were insufficiently sealed, allowing an ingress of oxygen into active goaves, with the potential to escalate conditions for spontaneous combustion; and
(g) there was evidence to suggest the mine did not follow its own procedures relating to major ventilation changes.
01/12/2021
The court issued an order appointing the lead plaintiff and lead counsel.
03/19/2021
Lead plaintiff brings this securities class action on behalf of all persons and entities who or which purchased or otherwise acquired Peabody common stock during the period from April 3, 2017 through October 28, 2019, inclusive.
Operative complaint
06/07/2021
A motion to dismiss was filed with the court.
03/07/2022
Court Denied in part the motion to dismiss.
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Amicus Therapeutics, Inc. (FOLD) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Builders FirstSource, Inc. (BLDR) breached their fiduciary duties to the company and its shareholders.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
Whether directors and officers of LegalZoom.com, Inc. (LZ) breached their fiduciary duties to the company and its shareholders.