Inari Medical, Inc.
| Company Name | Inari Medical, Inc. |
| Stock Symbol | NARI |
| Class Period | February 24, 2022 to February 28, 2024 |
| Lead Plaintiff Motion Deadline | July 12, 2024 |
On February 29, 2024, Inari announced that it had received a civil investigative demand from the U.S. Department of Justice “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.”
On this news, Inari’s stock price fell $12.14, or 20.8%, to close at $46.12 per share on February 29, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants: (1) repeatedly touted Inari’s financial results and the success of its product sales, but failed to disclose that these numbers were inflated by bribes and other improper and illegal payments to healthcare providers; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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