
Inari Medical, Inc. (NARI)
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.
Investigation
03/29/2021
Initial Lawsuit
01/14/2022
Lawsuit Progression
03/30/2022
Investigation following Volkswagen’s announcement to change its name to “Voltswagen”, an “April Fools’ gag” investors relied upon.
03/31/2021
The Wall Street Journal publishes an articles entitled “No, Volkswagen Isn’t Rebranding Itself Voltswagen” stating that “. . . a spokesman for the parent company in Germany later said the move was a joke.”
“The name change, which immediately lit up social media and online news sites, was originally intended as an early April Fools’ Day stunt to get people talking about VW’s ambitious electric car strategy as the company rolls out its first all-electric sport-utility vehicle, the ID. 4, in U.S. dealerships.” While investors took it seriously, the price per share moved, putting the car maker’s communications team on the defensive.
“We didn’t mean to mislead anyone,” a Volkswagen spokesman in Wolfsburg told The Wall Street Journal. “The whole thing is just a marketing action to get people talking about the ID.4.”
See more on Factual TimelineThis 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 Volkswagen American depositary receipts (ADRs) between March 29, 2021 and March 30, 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) the name “Voltswagen” was never going to be used by the company’s U.S. subsidiary;
(ii) the company and its spokespeople purposefully misled reporters, even after the reporters’ inquiries about whether the name change was an April Fool’s joke; and
(iii) as a result, defendants’ public statements and statements to journalists were materially false and/or misleading at all relevant times.
03/30/2022
The court issued an order appointing the lead plaintiff and lead counsel.
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