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PEN Investor Filing Deadline: Saxena White P.A., the Only Law Firm that Filed a Securities Fraud Class Action Against Penumbra Inc. Arising Out of the Company’s Misrepresentations to Investors Regarding the Jet 7 Xtra Flex Aspiration Catheter, Reminds Investors that the Statutory Deadline to File a Motion for Lead Plaintiff Status is March 16, 2021
SAN DIEGO, March 01, 2021 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities fraud class action lawsuit (the “Class Action”) in the United States District Court for the Northern District of California against Penumbra, Inc. (“Penumbra” or the “Company”) (NYSE: PEN) on behalf of all persons or entities who purchased or otherwise acquired Penumbra common stock between August 3, 2020 and December 15, 2020, inclusive (the “Class Period”).
If you purchased Penumbra common stock during the Class Period and wish to apply to be lead plaintiff, a motion on your behalf must be filed with the Court no later than March 16, 2021. You may contact David Kaplan (firstname.lastname@example.org), an attorney and Director at Saxena White P.A., to discuss your interests in the class action and your rights regarding the appointment of lead plaintiff. You may also retain counsel of your choice and need not take any action at this time to be a class member.
As alleged in the Class Action, Penumbra and certain of its executives (“Defendants”) made statements to investors during the Class Period that were materially false and misleading in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and SEC Rule 10b-5. Specifically, the Class Action Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose material adverse facts regarding the safety of the Company’s Jet 7 Xtra Flex aspiration catheter, as well as the Company’s business, operations, and prospects. In particular, Defendants failed to disclose to investors: (1) that the Jet 7 Xtra Flex had known design defects that made it unsafe for its normal use; (2) that Penumbra did not adequately address the risk of Jet 7 Xtra Flex causing serious injury and deaths, which had in fact already occurred; (3) that the Jet 7 Xtra Flex was likely to be recalled due to its safety issues; and (4) as a result, Penumbra’s public statements as set forth above were materially false and misleading at all relevant times.
The truth emerged through a series of partially corrective disclosures that caused Penumbra’s stock price to fall sharply, destroying over $1 billion in market capitalization and causing investors to suffer substantial losses.
You may obtain a copy of the Complaint and inquire about actively joining the class action at www.saxenawhite.com/cases/penumbra-inc.
Saxena White P.A., with offices in California, Florida, New York, and Delaware is a leading national law firm focused on prosecuting securities class actions, direct actions, derivative actions, and other complex litigation on behalf of injured investors. Currently serving as lead counsel in numerous major securities fraud class actions nationwide, Saxena White has recovered billions of dollars on behalf of defrauded investors.