NEW YORK, Sept. 20, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Penumbra, Inc. ("Penumbra" or the "Company") (NYSE: PEN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Penumbra and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 10, 2020, market analyst Quintessential Capital Management ("Quintessential") released a research report on the Company, entitled "Penumbra and its 'Killer Catheter': A tale of corporate greed and seemingly blatant disregard for patients' lives[.]"
Then, on December 8, 2020, Quintessential released a follow-up research report entitled "Is Penumbra's core scientific research authored by a fake person?: The incredible story of Penumbra's Dr. Antik Bose[.]" This follow-up report alleged that some of the Company's scientific research pieces appear to have been incorrectly attributed to or even authored by a non-existent individual. On this news, Penumbra's stock price fell $19.95 per share, or almost 9%, to close at $204.07 per share on December 8, 2020.
Finally, on December 15, 2020, Penumbra announced that it was "voluntarily recalling all configurations" of its JET 7 Xtra Flex Reperfusion Catheter "because the catheter may become susceptible to distal tip damage during use. Distal tip damage in conjunction with pressurization or contrast injection may result in potential vessel damage, and subsequent patient injury or death." On this news, Penumbra's stock price fell $13.84 per share, or 7%, to close at $174.98 per share on December 16, 2020.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.