Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Penumbra, Inc. who purchased shares between August 3, 2020 and December 15, 2020.
Penumbra and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
Following a series of prior negative disclosures, on December 15, 2020, post-market, the Company disclosed that it was issuing an “urgent” and “voluntary” recall of its Jet 7 Xtra Flex product because the catheter “may become susceptible to distal tip damage during use” potentially leading to injury or death.
On this news, the price of Penumbra’s shares declined, damaging investors.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until March 16, 2021 to request that the court appoint them lead plaintiff.