Radnor, Pennsylvania--(Newsfile Corp. - February 17, 2021) - The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed against Penumbra, Inc. (NYSE: PEN) ("Penumbra") on behalf of those who purchased or acquired Penumbra common stock between August 3, 2020 and December 15, 2020, inclusive (the "Class Period").

Deadline Reminder: Investors who purchased or acquired Penumbra common stock during the Class Period may, no later than March 16, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-143); toll free at (844) 887-9500; via e-mail at info@ktmc.com; or click https://www.ktmc.com/penumbra-inc-securities-class-action?utm_source=PR&utm_medium=link&utm_campaign=penumbra

According to the complaint, Penumbra is a global healthcare company that develops, manufactures and sells innovative medical devices for patients suffering from stroke and other vascular and neurovascular diseases. Until recently, one of Penumbra's flagship products was the "Jet 7 Xtra Flex," an aspiration catheter designed to be inserted into an affected artery, navigated to a blood clot, and used to suck the clot out of the patient's body. The Jet 7 Xtra Flex was introduced to the U.S. market in July 2019 and quickly became a "growth driver" for Penumbra, a key source of new revenues.

The complaint alleges that in mid-2020, concerns about the Jet 7 Xtra Flex's safety began to emerge. Despite the safety concerns, the defendants repeatedly assured investors during the Class Period that the Jet 7 Xtra Flex was "absolutely safe" and "not a product that has any possibility of needing to be recalled," as Penumbra was taking all necessary steps to protect patients.

The truth regarding Jet 7 Xtra Flex's safety was revealed to the market through a series of disclosures beginning in September 2020. Then, on December 15, 2020, after the market closed, Penumbra issued a press release announcing that it was issuing an "urgent" recall of the Jet 7 Xtra Flex because the catheter "may become susceptible to distal tip damage during use" which could lead to injury or death. Following this news, Penumbra's stock price fell by 7%, from $188.82 per share on December 15, 2020 to $174.98 per share on December 16, 2020, a decline of $13.84 per share.