SAN FRANCISCO, CA / ACCESSWIRE / June 14, 2024 / Hagens Berman urges Inari Medical, Inc. (NASDAQ:NARI) investors who suffered substantial losses to submit your losses now.
Class Period: Feb. 24, 2022 - Feb. 28, 2024
Lead Plaintiff Deadline: July 12, 2024
Visit: www.hbsslaw.com/investor-fraud/nari
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844-916-0895
Inari Medical Class Action:
Inari Medical, a prominent medical device manufacturer, is currently navigating a protracted investigation initiated by the U.S. Department of Justice (DOJ). The inquiry centers around allegations of illegal kickbacks to healthcare professionals, casting a shadow over the company's reputation and financial stability.
The investigation came to light in late February, triggering a sharp decline in Inari's stock price and prompting a class-action lawsuit from concerned investors. On February 29, 2024, Inari disclosed that it had received a Civil Investigative Demand (CID) from the DOJ's Civil Division in December 2023. The CID specifically targets potential violations of the Anti-Kickback Statute and the False Claims Act, focusing on payments made by Inari to healthcare professionals for services such as meals and consulting.
Inari's stock price plummeted by over $12 (approximately 21%) on the same day the news broke. Despite this setback, the company maintains that it has not experienced any immediate commercial repercussions due to the investigation. However, during a recent earnings call, CEO Drew Hykes acknowledged that resolving the matter could take "quarters and quarters, if not years."
Adding to the company's woes, a lawsuit has been filed on behalf of investors who purchased Inari stock between February 24, 2022, and February 28, 2024. The lawsuit alleges that Inari misled investors by failing to disclose the potential illegality of its doctor payment practices. It contends that Inari's positive revenue may be linked to these practices, while increased expenses could stem from incentivizing medical professionals to use their products.
In conjunction with the investor lawsuit, prominent shareholder rights firm Hagens Berman has commenced an investigation into Inari's sales, which could potentially unearth further details.
"We're looking into whether Equinix made their finances look better than they really are by inflating a key profit metric and exaggerating the capacity of their data centers," said Reed Kathrein, a partner at Hagens Berman leading the firm's investigation.
"The recent allegations against Inari Medical raise serious concerns about the company's business practices," said Reed Kathrein, a partner at Hagens Berman. "We are investigating the possibility that Inari may have concealed from investors illegal kickbacks to medical professionals drive revenue growth."
If you invested in Inari and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »
If you'd like more information and answers to frequently asked questions about the Inari case and our investigation, read more »
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP