NEWTOWN, Pa., May 16, 2024 (GLOBE NEWSWIRE) — Edelson Lechtzin LLP, a leading class action law firm, is investigating alleged violations of the federal securities laws by officers and directors of Inari Medical, Inc.
Investors who purchased Inari Medical, Inc. stock (NASDAQ: NARI) between February 24, 2022, and February 28, 2024 (the “Class Period”) have until July 12, 2024, to move the U.S. District Court for the Southern District of New York to appoint them as lead plaintiff in the pending securities fraud class action lawsuit.
To learn more about this case, please contact Eric Lechtzin of Edelson Lechtzin LLP at 844-696-7492 or by e-mail at elechtzin@edelson-law.com. A copy of the Class Action Complaint can be viewed HERE.
Background on Inari Medical, Inc.
Headquartered in Irvine, California, Inari is a medical device company that focuses on developing, producing, and selling catheter-based technologies. These devices are used to treat venous thromboembolism (VTE), a condition where a blood clot forms in a vein, usually in the lower leg, thigh, or pelvis.
The Securities Fraud Claims
the Complaint alleges that, throughout the Class Period, Defendants made false and misleading statements about the company’s business, operations, and prospects. Specifically, Defendants repeatedly promoted Inari’s financial results and the success of its product sales but failed to disclose that the company had been unlawfully compensating healthcare professionals in violation of the federal Anti-Kickback Statute and Civil False Claims Act.
On February 29, 2024, Inari shocked investors by disclosing a civil investigative demand from the U.S. Department of Justice regarding payments to healthcare professionals. It warned of a potential significant impact on its business.
Following the disclosure, analysts downgraded the company’s stock due to concerns about the DOJ investigation and its impact on the business. On this news, Inari’s stock price fell more than $12 per share, or 21%, to close at $46.12 per share on February 29, 2024, wiping out approximately $700 million in market capitalization in one trading day.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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