Shares of Penumbra (NYSE: PEN) were plunging 13.1% lower as of 11:50 a.m. EST on Tuesday. The decline came following short-seller Quintessential Capital Management's (QCM) online release of a scathing report about the healthcare company.
QCM alleged today that some of Penumbra's scientific research was authored by a person QCM says doesn't exist: Dr. Antik Bose. The report followed a previous report that claimed Penumbra launched "a flawed product on the market" which resulted in patient deaths and brain injuries.
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Why Penumbra Stock Is Plunging Today