Penumbra, Inc. Investors Lawsuit

Investigation

Continous Holding
August 3, 2020 to December 15, 2020

Proposed Claim
Securities Violation

Investigation regarding Penumbra statements to investors about its Jet 7 catheter device and the subsequent recall.

Main Event

Recall.Recall.Recall

12/15/2020

Company Statement

Penumbra issues a press release announcing an urgent recall of its Jet 7 Xtra Flex catheter, following the published FDA Letter.

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close	Previous close	Price variation	Percentage variation
$188.82	$189.64	$-0.82	-0.43%

See more on Factual Timeline

Initial Lawsuit

First Complaint - 01/15/2021

Complaint Dismissed The complaint was voluntarily dismissed by the plaintiff without prejudice.
Contact an attorney to know more about the filing and dismissal of a complaint.

Plaintiff brings this action on behalf of all persons or entities that purchased or otherwise acquired Penumbra common stock from August 3, 2020 through December 15, 2020, inclusive.

Filing Date
01/15/2021
Class Period
08/03/2020 to 12/15/2020
Transgression
Securities Violation
Filing Firms
RM LAW, P.C.
Saxena White P.A.
Case Title
Williams v. Penumbra, Inc.
Docket Number
3:21-cv-00420
Court
California Northern District Court
Free File
Complaint

Allegations

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:

(i) that the Jet 7 Xtra Flex had known design defects that made it unsafe for
its normal use;
(ii) that Penumbra did not adequately address the risk of the Jet 7 Xtra Flex causing
serious injury and deaths, which had in fact already occurred;
(iii) that the Jet 7 Xtra Flex was likely to be recalled due to its safety issues;
(iv) as a result, Penumbra’s public statements as set forth above were materially false and misleading at all relevant times.