If you purchased Penumbra securities, and/or would like to discuss your legal rights and options please visit PEN Shareholder Investigation or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
On December 8, 2020, Quintessential Capital Management (“QCM”) published a report entitled: “Is Penumbra’s Core Scientific Research Authored by a Fake Person?” In the report, QCM alleged that “a substantial portion of scientific literature produced by Penumbra appears to have been authored by a fictional character.” QCM performed extensive internet research and found that several Penumbra research papers promoting its own devices were authored by a “Dr. Antik Bose,” who QCM claims is “just a fake internet persona[.]”
On this news, Penumbra’s stock price fell $19.95 per share, nearly 9%, to close at $204.07 per share on December 8, 2020
On December 15, 2020, after the markets closed, 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.” This news came after a November 10, 2020 QCM report called: “Penumbra and its ‘Killer Catheter.’” In this report, QCM conducted interviews with “[n]euroradiologists [and] former FDA senior staff” and found that the JET 7 device was “linked to 18 recorded deaths [and] 39 injuries.”
Following the recall, Penumbra’s shares are trading at approximately $173.00 per share, down over 16%, on December 16, 2020.
If you purchased Penumbra securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/penumbrainc-pen-shareholder-class-action-lawsuit-fraud-stock-345/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
Matthew E. Guarnero
Bernstein Liebhard LLP