Berman Tabacco Investigates California-Based Penumbra Inc. (PEN) on Behalf of Investors Concerning Potential Violations of Federal Securities Laws

San Francisco, California--(Newsfile Corp. - December 18, 2020) -  Berman Tabacco, a national law firm representing investors, is investigating potential violations of the federal securities laws by Penumbra, Inc. ("Penumbra" or the "Company") (NYSE: PEN) and its officers and directors. Penumbra designs, develops, manufactures, and markets medical devices, including a device called the JET 7 Reperfusion Catheter used for stroke victims. The Company is based in Alameda, California.

In June 2020, the Company issued and sold 865,963 shares of common stock at a public offering price of $166.00 per share in an underwritten public offering. The Company received approximately $134.8 million in net cash proceeds.

On November 10, 2020, Bloomberg reported that shares of Penumbra fell as much as 7.9% at the open after Quintessential Capital Management ("QCM") issued a report which asserted that "Penumbra rushed to modify its Jet 7 Reperfusion Catheter device to compete with rivals and that the increased flexibility offered by the Jet 7 with Xtra Flex may have made it more prone to malfunction."

On December 8, 2020, Bloomberg reported that shares of Penumbra "fell as much as 13%" after QCM released a follow-up report "alleging that some of the company's scientific research pieces appear to have been authored by a fake individual."

Then, on December 15, 2020, after the market closed, Bloomberg reported that "Penumbra voluntarily recalls all configurations of its Jet 7 Xtra Flex catheter because it may become susceptible to distal tip damage during use." On December 16, 2020, share of the Company's opened at $174.00, down $14.82 or 7%, from its prior close.

If you would like more information regarding this investigation, or if you wish simply to share information about the investigation, please visit: https://www.bermantabacco.com/case/penumbra-inc/.

Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising.

Contact:

Jeffrey Rocha, Esq.
(800) 516-9926
Email: law@bermantabacco.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70566