Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Filed Against Penumbra, Inc.

RADNOR, Pa., Feb. 23, 2021 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed against Penumbra, Inc. ("Penumbra") on behalf of those who purchased or acquired Penumbra (NYSE: PEN) common stock between August 3, 2020 and December 15, 2020, inclusive (the "Class Period").

The complaint alleges that, until recently, one of Penumbra's flagship products was the "Jet 7 Xtra Flex," an aspiration catheter designed to be inserted into an affected artery, navigated to a blood clot, and used to suck the clot out of the patient's body.

According to the complaint, in mid-2020, concerns about the Jet 7 Xtra Flex's safety began to emerge. However, Penumbra repeatedly assured investors during the Class Period that the Jet 7 Xtra Flex was "absolutely safe" and "not a product that has any possibility of needing to be recalled," as Penumbra was taking all necessary steps to protect patients.

The truth regarding Jet 7 Xtra Flex's safety was revealed to the market through a series of disclosures, when finally, on December 15, 2020, after the market closed, Penumbra issued a press release announcing that it was issuing an "urgent" recall of the Jet 7 Xtra Flex because the catheter "may become susceptible to distal tip damage during use" which could lead to injury or death.  As a result, the price of Penumbra common stock continued its decline, falling by 7%, a decline of $13.84 per share. 

Penumbra investors may, no later than March 16, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member.  A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
(610) 667-7706
[email protected]

SOURCE Kessler Topaz Meltzer & Check, LLP

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