On November 9, 2020, market analyst Quintessential Capital Management released research report on the Company entitled “Penumbra and its ‘Killer Catheter’: A tale of corporate greed and seemingly blatant disregard for patients’ lives[.]”

Then on December 8, 2020, Quintessential Capital Management released a follow-up research report entitled “Is Penumbra’s core scientific research authored by a fake person?: The incredible story of Penumbra’s Dr. Antik Bose[.]” The follow-up report alleged that some of the Company’s scientific research pieces appear to have been incorrectly attributed or even authored by a fake individual. On this news, Penumbra’s share price fell $19.95 per share, or almost 9%, to close at $204.07 per share on December 8, 2020.

Finally, on December 15, 2020, after the markets closed, Penumbra announced that it was “voluntarily recalling all configurations” of its JET 7 Xtra Flex Reperfusion Catheter “because the catheter may become susceptible to distal tip damage during use. Distal tip damage in conjunction with pressurization or contrast injection may result in potential vessel damage, and subsequent patient injury or death.”

On this news, Penumbra’s shares fell $13.84 per share, or 7%, to close at $174.98 on December 16, 2020.