
Inari Medical, Inc. (NARI)
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.
Investigation
01/20/2021
Initial Lawsuit
01/20/2021
Lawsuit Progression
05/11/2021
Investigation regarding Walmart’s statements about its role in allegedly unlawfully dispensing controlled substances from pharmacies and to pharmacies amid the opioid crisis. Also known as the “pill-mill” practice, the company has been accused of filling prescriptions for opioids showing serious “red-flags.”
12/22/2020
The Department of Justice announces its lawsuit on a press release, along with speeches, videos, photos and other related statements. The complaint alleges that Walmart’s stock went down 1.88% over the course of two trading days to close at $144.20 on December 23, 2020.
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$143.03 | $144.79049806337 | $-1.76 | -1.22% |
Plaintiff brings this securities class action on behalf of persons or entities who purchased or otherwise acquired publicly traded Walmart securities between March 30, 2016 and December 22, 2020, 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 company knowingly filled prescriptions that were issued by so-called “pill-mill” prescribers;
(ii) the company filled thousands of prescriptions that showed obvious red flags, including highly-dangerous cocktails of drugs;
(iii) the company’s managers made it difficult for Walmart pharmacists to comply with their legal obligations by pressuring them to fulfill as many orders as possible;
(iv) hence, the company’s pharmacy revenues were inflated because the Company filled thousands of invalid prescriptions in violation of the Controlled Substance Act dispensing requirements;
(v) the aforementioned conduct would subject the company to regulatory scrutiny; and
(vi) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
05/11/2021
The court issued an order appointing the lead plaintiff and lead counsel.
07/12/2021
Lead plaintiff bring this securities class action on behalf of all persons or entities who purchased Walmart publicly traded common stock between March 30, 2016, and December 22, 2020, inclusive, and who held such shares on March 24, 2020, and/or December 22, 2020.
Operative complaint
10/08/2021
A motion to dismiss was filed with the court.
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