If you purchased or acquired securities investing in Inari stock or options between March 10, 2021 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.
NEW YORK, July 12, 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 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 material adverse facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading because: (1) Defendants failed to disclose that the Company’s reported revenue growth and sales and marketing success was due in material part to meals and consulting service payments provided to health care professionals by the Company that were in violation of the federal Anti-Kickback Statute and Civil False Claims Act; (2) the Company warned of risks if the Company’s operations were found to be in violation of any of the federal Anti-Kickback Statute and Civil False Claims Act laws when at that time the risks had already materialized; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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 $58.26per 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 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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