{"id":452854,"date":"2021-03-08T11:18:17","date_gmt":"2021-03-08T16:18:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=452854"},"modified":"2021-03-08T11:18:17","modified_gmt":"2021-03-08T16:18:17","slug":"the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-penumbra-inc-pen-investors-4","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-penumbra-inc-pen-investors-4\/","title":{"rendered":"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Penumbra, Inc. (PEN) Investors"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"left\">LOS ANGELES, March  08, 2021  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=d_BczscUPMOE4fpdmdQNY8Lib5zlrMdiPXuyVwp4TEBGFCOSLtQFkpj518gOVUsukNP9v1HGHy1_6tX4TS1iov98z88zzZR5x47XOvSGiH_LJNKLOksHnTC6dL-Uyjdw\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">The Law Offices of Frank R. Cruz<\/a> announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Penumbra, Inc. (\u201cPenumbra\u201d or the \u201cCompany\u201d) (NYSE: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ioj6ce9wqoWuPKDUcfNMcBBa_q_ml0lTcj_NUrMuE8jQ5ZeOPc-tfQz79t4O__BJAeiNdhEdpnG2XdnEQc7dXg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">PEN<\/a>) common stock between <strong>August 3, 2020 and December 15, 2020<\/strong>, inclusive (the \u201cClass Period\u201d). Penumbra investors have until <strong>March 16, 2021<\/strong> to file a lead plaintiff motion.<\/p>\n<p align=\"left\">If you are a shareholder who suffered a loss, click <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=GdKaXF6RUKUMB8vfxWw_3e6W16JOPFWMJp8R-YH6awuJV4nBMBu38R_KPvbT3L-bOard2TyfpmA6QAQ9mc6-bmK-bq7NYNM0QSgyJzpG1OE=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">here<\/a> to participate.<\/p>\n<p align=\"left\">One of the Company\u2019s flagship products is the Jet 7 Xtra Flex, an aspiration catheter to remove blood clots.<\/p>\n<p align=\"left\">On September 14, 2020, the Foundation for Financial Journalism published an article raising concerns about the Jet 7 Xtra Flex\u2019s safety profile, including that there had been 12 reported deaths since the product was introduced in mid-2019.<\/p>\n<p align=\"left\">On this news, the Company\u2019s stock price fell $5.77, or 3%, to close at $193.66 per share on September 14, 2020.<\/p>\n<p align=\"left\">On November 9, 2020, Quintessential Capital Management issued a research report on the Company entitled \u201cPenumbra and its \u2018Killer Catheter\u2019: A tale of corporate greed and seemingly blatant disregard for patients\u2019 lives[.]\u201d The report accused Penumbra of a \u201cseemingly blatant disregard for patients\u2019 lives.\u201d The Company continued to insist that the Jet 7 Xtra Flex was \u201cabsolutely safe\u201d and refuted any claims to the contrary by stating they made \u201cno sense\u201d and there \u201cisn\u2019t an issue.\u201d<\/p>\n<p align=\"left\">On November 23, 2020, the Journal of NeuroInventional Surgery published an article presenting three cases of patients who had suffered due to malfunctions with the Jet 7 Xtra Flex. The article was widely disseminated over the next two days.<\/p>\n<p align=\"left\">On this news, the Company\u2019s stock price fell $30.59, or 12%, to close at $224.12 per share on November 25, 2020.<\/p>\n<p align=\"left\">On December 8, 2020, Quintessential Capital Management released a follow-up research report entitled \u201cIs Penumbra\u2019s core scientific research authored by a fake person?: The incredible story of Penumbra\u2019s Dr. Antik Bose[.]\u201d The follow-up report alleged that some of Penumbra\u2019s scientific research pieces appear to have been incorrectly attributed or even authored by a fake individual.<\/p>\n<p align=\"left\">On this news, the Company\u2019s share price fell $19.95 per share, or almost 9%, to close at $204.07 per share on December 8, 2020, thereby injuring investors.<\/p>\n<p align=\"left\">On December 15, 2020, after the market closed, Penumbra announced that it was voluntarily \u201crecalling its JET 7 Xtra Flex because the catheter may become susceptible to distal tip damage during use[, which] may result in potential vessel damage, and subsequent patient injury or death.\u201d<\/p>\n<p align=\"left\">On this news, the Company\u2019s stock price fell $188.82 per share, or almost 7%, to close at $174.98 per share on December 16, 2020, thereby injuring investors.<\/p>\n<p align=\"left\">The complaint filed alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Jet 7 Xtra Flex had known design defects that made it unsafe for<\/p>\n<p align=\"left\">its normal use; (2) that Penumbra did not adequately address the risk of the 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, Defendants&#8217; statements about its business, operations, and prospects, were materially false and misleading and\/or lacked a reasonable basis at all relevant times.<\/p>\n<p align=\"left\">Follow us for updates on Twitter: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=r-5QFe-QGTf1y-Wms6hDCoQp-euSU9BgpWOCXxU7jG6dRGxK0DeLlTuYmDmFH7lS3C_jTwk5F2Q41WAFN00gdDFgJ4hjed8KsIzCjpzuIVI=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">twitter.com\/FRC_LAW<\/a>.<\/p>\n<p align=\"left\">If you purchased Penumbra securities during the Class Period, you may move the Court no later than <strong>March 16, 2021 <\/strong>to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Penumbra securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=C-_xk67jC9RVVdtBs_92mztjew_E8T22QWTOhiSFNsQMQ3zER_zg2HeoV0PVCDhBVBYZ91znU1A0ibABsN3gN2Zzxz5CTraEqVdUqyvuQb0=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">info@frankcruzlaw.com<\/a>, or visit our website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=88QMG7KXakkDVrLeVxvJfG9LZyuF_R-aiKbD7nlopxzPzIkros9n98nU4Mly9pwzxvZebIu_JghF2HRVofCJScb4lsTo_o90dsjRnfHgJgQ=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.frankcruzlaw.com<\/a>. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.<\/p>\n<p align=\"left\">This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.<\/p>\n<p align=\"left\">\n        <strong>Contacts<\/strong>\n      <\/p>\n<p align=\"left\">The Law Offices of Frank R. Cruz, Los Angeles<br \/>Frank R. Cruz, 310-914-5007<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=J8Fi_3D0mt8tw8IsDsfWSv8J4kEj1izQxUxYy_j40iaOziXXeiJYMnLjMRSglMy3qJUWdmXpqBcFgUXnb5SOHk8ab2_XWORLYUgnta-08dU=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">fcruz@frankcruzlaw.com<\/a><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=88QMG7KXakkDVrLeVxvJfJPEBBWJJRHBUoXeodFOGRCakQizXdkeXGgY8ZEtoVWzL8Kjx37xK6QkOaSBXo8mluQ9ykI589-DxbdWtQ7Wvw4=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.frankcruzlaw.com<\/a><\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4NTkwNiM0MDUyNjc3IzIxOTQyMzI=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/2799af04-5772-448c-806c-7a9f63b4d412\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>LOS ANGELES, March 08, 2021 (GLOBE NEWSWIRE) &#8212; The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Penumbra, Inc. (\u201cPenumbra\u201d or the \u201cCompany\u201d) (NYSE: PEN) common stock between August 3, 2020 and December 15, 2020, inclusive (the \u201cClass Period\u201d). Penumbra investors have until March 16, 2021 to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. One of the Company\u2019s flagship products is the Jet 7 Xtra Flex, an aspiration catheter to remove blood clots. On September 14, 2020, the Foundation for Financial Journalism published an article raising concerns about the Jet 7 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-penumbra-inc-pen-investors-4\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Penumbra, Inc. (PEN) Investors&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-452854","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Penumbra, Inc. (PEN) Investors - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-penumbra-inc-pen-investors-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Penumbra, Inc. (PEN) Investors - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"LOS ANGELES, March 08, 2021 (GLOBE NEWSWIRE) &#8212; The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Penumbra, Inc. (\u201cPenumbra\u201d or the \u201cCompany\u201d) (NYSE: PEN) common stock between August 3, 2020 and December 15, 2020, inclusive (the \u201cClass Period\u201d). Penumbra investors have until March 16, 2021 to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. One of the Company\u2019s flagship products is the Jet 7 Xtra Flex, an aspiration catheter to remove blood clots. On September 14, 2020, the Foundation for Financial Journalism published an article raising concerns about the Jet 7 &hellip; Continue reading &quot;The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Penumbra, Inc. 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(\u201cPenumbra\u201d or the \u201cCompany\u201d) (NYSE: PEN) common stock between August 3, 2020 and December 15, 2020, inclusive (the \u201cClass Period\u201d). Penumbra investors have until March 16, 2021 to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. One of the Company\u2019s flagship products is the Jet 7 Xtra Flex, an aspiration catheter to remove blood clots. On September 14, 2020, the Foundation for Financial Journalism published an article raising concerns about the Jet 7 &hellip; Continue reading \"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Penumbra, Inc. (PEN) Investors\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-penumbra-inc-pen-investors-4\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-08T16:18:17+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4NTkwNiM0MDUyNjc3IzIxOTQyMzI=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-penumbra-inc-pen-investors-4\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-penumbra-inc-pen-investors-4\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"The Law Offices of Frank R. 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