| COMPANY |
Inari Medical, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
24-cv-03686 |
| JUDGE |
The Hon. Jennifer Hutchison Rearden |
| CLASS PERIOD |
February 24, 2022 through February 28, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS JULY 12, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Inari Medical, Inc. (“Inari Medical”) (NASDAQ: NARI) securities between February 24, 2022 and February 28, 2024, both dates inclusive (the “Class Period”).
On February 28, 2024, Inari Medical revealed in its Form 10-K for fiscal year 2023 that the company 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.
Following this news, Inari Medical’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.
The complaint alleges that, throughout the Class Period, Defendants consistently touted Inari Medical’s “record revenue,” purportedly driven by “the strength in our core VTE business” but failed to disclose that a significant portion of its expenses were used to compensate medical professionals improperly for using Inari Medical’s products. In truth, while Defendants were speaking positively about the company’s growth prospects, Inari Medical had been engaging in illegal business practices. Specifically, Inari Medical had been unlawfully compensating health care professionals in violation of the federal Anti-Kickback Statute and Civil False Claims Act while also misleading investors regarding business expenses in order to conceal their illicit conduct.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.