NEW YORK, May 16, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Inari Medical, Inc. (“Inari” or the “Company”) (NASDAQ: NARI) and reminds investors of the July 12, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Inari Medical To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 investing in Inari Medical stock or options between February 24, 2022 and February 28, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/NARI.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. 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.
On February 28, 2024, Inari Medical released its financial results for the fourth quarter and the full year of 2023. The Company also announced that it had received a civil investigative demand from the US Department of Justice concerning an investigation under the federal Anti-Kickback Statute and Civil False Claims Act, related to payments made to healthcare professionals.
On this news, the price of Inari shares declined by $12.14 per share, or approximately 20.8%, from $58.26 per share on February 28, 2024 to close at $46.12 on February 29, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Inari’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Inari Medical class action, go to www.faruqilaw.com/NARI or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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