Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Penumbra To Contact Him Directly To Discuss Their Options

New York, New York--(Newsfile Corp. - January 19, 2021) - Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against Penumbra, Inc. ("Penumbra" or the "Company") (NYSE:PEN) and reminds investors of the March 16, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $100,000 investing in Penumbra stock or options between August 3, 2020 and December 15, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/PEN or call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

There is no cost or obligation to you.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that the Jet 7 Xtra Flex had known design defects that made it unsafe for 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, Penumbra's public statements as set forth above were materially false and misleading at all relevant times.

First, on September 14, 2020, the Foundation for Financial Journalism (the "FFJ"), an independent non-profit news outlet, published an article raising serious questions about the Jet 7 Xtra Flex's safety profile. The FFJ noted that since being introduced in mid-2019, there were twelve deaths listed in a Food and Drug Administration ("FDA") database that occurred after a surgeon injected an iodine contrast dye into the Jet 7 Xtra Flex. The FFJ article described how Penumbra's warnings against using the product with contrast dye and non-Penumbra products did little to address the Jet 7 Xtra Flex's safety issues.

In response, Penumbra's stock price fell by nearly 3%, from $199.43 per share on September 11, 2020 to $193.66 per share on September 14, 2020, a decline of $5.77 per share.

Then, on November 23, 2020, an article was published in the Journal of NeuroInterventional Surgery presenting the cases of three patients who suffered as a result of Jet 7 Xtra Flex device malfunctions, including two fatalities. Although the journal article was not widely publicized on November 23 aside from a Twitter post just before market close from an account with a small following, over the next two days the article was more widely disseminated, particularly after it was shared by multiple reputed short sellers with hundreds of thousands of followers, including Marc Cohodes and Muddy Waters.