NEW YORK, May 14, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Inari Medical, Inc. (“Inari” or the “Company”) (NASDAQ: NARI) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Inari securities between February 24, 2022 and February 28, 2024, both dates inclusive (the “Class Period”). Investors have until July 12, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Inari is a medical device company that develops and manufactures a variety of products, including minimally invasive, novel, catheter-based mechanical thrombectomy devices and their accessories to address the unique characteristics of specific medical conditions. These products are aimed at improving outcomes for patients suffering from venous thromboembolism (“VTE”) and other vascular diseases and conditions. During the Class Period, Defendants consistently touted Inari’s “record revenue,” purportedly driven by “the strength in our core VTE business.” But Defendants failed to disclose that a significant portion of its expenses were used to compensate medical professionals improperly for using Inari’s products. In truth, while Defendants were speaking positively about the Company’s growth prospects, it had been engaging in illegal business practices. Specifically, the Company had been unlawfully compensating health care professionals in violation of the federal Anti-Kickback Statute and Civil False Claims Act. Defendants also misled investors regarding business expenses in order to conceal their illicit conduct.
The market was thus shocked when, after the close of trading on February 28, 2024, Inari revealed in its Form 10-K for fiscal year 2023 that it had received a civil investigative demand from the U.S. Department of Justice, Civil Division, in connection with an investigation under the federal Anti-Kickback Statute and Civil False Claims Act, requesting information and documents primarily relating to meals and consulting service payments provided to health care professionals.
On this news, Inari’s stock price plummeted over $12 per share or 21% the very next trading day – from a closing price of $58.26 per share on February 28, 2024 to $46.12 per share on February 29, 2024 – wiping out approximately $700 million in market capitalization in one trading day and damaging investors.
If you purchased or otherwise acquired Inari shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
