NARI - Inari Medical (NARI) Faces DOJ Probe and Investor Backlash Amid Kickback Allegations - Hagens Berman
SAN FRANCISCO, June 27, 2024 (GLOBE NEWSWIRE) -- 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
Contact the Firm Now: NARI@hbsslaw.com
844-916-0895
Inari Medical Class Action:
Inari Medical, Inc. (NASDAQ: NARI), a leading medical device manufacturer, finds itself embroiled in a complex legal battle as the U.S. Department of Justice (DOJ) intensifies its scrutiny. The investigation centers on allegations of illicit kickbacks to healthcare professionals, a revelation that has sent shockwaves through the company and its investor community.
The DOJ’s Inquisition
In late February, Inari publicly disclosed that it had received a Civil Investigative Demand (CID) from the DOJ’s Civil Division. The CID pertains to an ongoing investigation under the Anti-Kickback Statute and the False Claims Act. Specifically, the DOJ is examining payments made by Inari to healthcare professionals—payments allegedly tied to services such as meals and consulting. The company’s stock price plummeted by over $12 (approximately 21%) on the same day this news broke.
Investor Fallout
Damaged investors swiftly responded to the revelations. A class-action lawsuit was filed on behalf of those who purchased Inari stock between February 24, 2022, and February 28, 2024. The lawsuit alleges that Inari failed to disclose the potential illegality of its doctor payment practices, potentially misleading investors. It alleges that Inari’s positive revenue growth may be linked to these practices, while increased expenses could result from incentivizing medical professionals to use the company’s products.
The Uncertain Road Ahead
Inari’s CEO, Drew Hykes, acknowledged during an earnings call that resolving the matter could take “quarters and quarters, if not years.” The extended timeline adds to the uncertainty surrounding the company’s future. Shareholder rights firm Hagens Berman has also launched its own investigation into Inari’s sales, aiming to uncover further details.
“We are investigating whether Inari executives may have concealed illegal kickbacks paid to medical professionals to boost sales.”
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 »
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