
Inari Medical, Inc. (NARI)
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.
Investigation
03/26/2021
Initial Lawsuit
03/26/2021
Lawsuit Progression
06/11/2021
Dismissal
07/12/2021
Investigation regarding Repro Med’s allowances, growth rebates and ability to retain key customers and incentivize growth.
01/25/2021
Repro Med Systems, Inc. reports preliminary financial results for the full year ended December 31, 2020 and announces that Don Pettigrew resigned as President and CEO:
“Factors that impacted 2020 preliminary results included:
● Significant fluctuations in demand resulting from inventory purchasing by several large customers throughout the year;
● Slower growth in net revenue as a result of strengthening our contractual position with large customers;
● Less than expected international sales and clinical trial partnerships in the second half of 2020; and
● A slowdown in new patient starts due to the effect of state and local guidelines that prevented many individuals from visiting their healthcare professionals in 2020.”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$4.33 | $5.13 | $-0.8 | -15.59% |
This is a class action on behalf of persons and entities that purchased or otherwiseacquired KORU securities between August 4, 2020 and January 25, 2021, inclusive (the “ClassPeriod”). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of1934 (the “Exchange Act”).
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:
(1) starting in January 2020, KORU ramped up the use of allowances, including growth rebates, to retain key customers and to incentivize growth;
(2) as the rebates accrued, the Company’s netsales were reasonably likely to decline;
(3) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
06/11/2021
The court issued an order appointing the lead plaintiff and lead counsel.
On 07/12/2021, plaintiff voluntarily dismissed the complaint.
Free File
Stipulation/Order of Dismissal
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.
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