Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against QuantumScape, Tricida, Penumbra, and Lizhi and Encourages Investors to Contact the Firm

NEW YORK, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of QuantumScape Corporation (NYSE: QS), Tricida, Inc. (NASDAQ: TCDA), Penumbra, Inc. (NYSE: PEN), and Lizhi, Inc. (NASDAQ: LIZI). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

QuantumScape Corporation (NYSE: QS)

Class Period: November 27, 2020 to December 31, 2020

Lead Plaintiff Deadline: March 8, 2021

On January 4, 2021, an article was published on Seeking Alpha pointing to several risks with QuantumScape’s solid-state batteries that make it “completely unacceptable for real world field electric vehicles.” Specifically, it stated that the battery’s power means it “will only last for 260 cycles or about 75,000 miles of aggressive driving.” As solid-state batteries are temperature sensitive, “the power and cycle tests at 30 and 45 degrees above would have been significantly worse if run even a few degrees lower.”

On this news, the Company’s stock price fell $34.49, or approximately 40.84%, to close at $49.96 per share on January 4, 2021.

The complaint, filed on January 5, 2021, 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 failed to disclose to investors: (1) that the Company’s purported success related to its solid-state battery power, battery life, and energy density were significantly overstated; (2) that the Company is unlikely to be able to scale its technology to the multi-layer cell necessary to power electric vehicles; and (3) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

For more information on the QuantumScape class action go to: https://bespc.com/cases/QS

Tricida, Inc. (NASDAQ: TCDA)

Class Period: September 4, 2019 to October 28, 2020

Lead Plaintiff Deadline: March 8, 2021

Tricida is a pharmaceutical company that focuses on the development and commercialization of its drug candidate, veverimer (TRC101), a non-absorbed, orally administered polymer designed as a potential treatment for metabolic acidosis in patients with CKD. Tricida has completed a Phase 3, double-blind, placebo-controlled trial of veverimer in patients with CKD and metabolic acidosis.

On September 4, 2019, Tricida announced that it had submitted a New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) under the Accelerated Approval Program for approval of veverimer for the treatment of metabolic acidosis in patients with CKD.

On July 15, 2020, Tricida issued a press release announcing that, on July 14, 2020, the Company received a notification from the FDA, stating that as part of the FDA’s ongoing review of the Company’s NDA for veverimer, “the FDA has identified deficiencies that preclude discussion of labeling and post marketing requirements/commitments at this time.” Tricida stated that “[t]he notification does not specify the deficiencies identified by the FDA.”

On this news, Tricida’s stock price fell $10.56 per share, or 40.31%, to close at $15.64 per share on July 16, 2020.

Then, on October 29, 2020, Tricida announced an update on its End-of-Review Type A meeting with the FDA regarding the veverimer NDA, advising investors that the Company “now believes the FDA will also require evidence of veverimer’s effect on CKD progression from a near-term interim analysis of the VALOR-CKD trial for approval under the Accelerated Approval Program and that the FDA is unlikely to rely solely on serum bicarbonate data for determination of efficacy.” Concurrently, Tricida disclosed that it “is significantly reducing its headcount from 152 to 59 people and will discuss its commitments with vendors and contract service providers to potentially provide additional financial flexibility.”

On this news, Tricida's stock price fell $3.90 per share, or 47.16%, to close at $4.37 per share on October 29, 2020.

The complaint, filed on January 6, 2021, alleges that throughout the Class Period defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operational, and compliance policies. Specifically, defendants made false and/or misleading statements and failed to disclose to investors that: (i) Tricida’s NDA for veverimer was materially deficient; (ii) accordingly, it was foreseeably likely that the FDA would not accept the NDA for veverimer; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Tricida class action go to: https://bespc.com/cases/TCDA

Penumbra, Inc. (NYSE: PEN)

Class Period: August 3, 2020 to December 15, 2020

Lead Plaintiff Deadline: March 16, 2021

Penumbra is a global healthcare company that develops, manufactures and sells innovative medical devices for patients suffering from stroke and other vascular and neurovascular diseases.

Until recently, one of the Company’s flagship products was the “Jet 7 Xtra Flex,” an aspiration catheter designed to be inserted into an affected artery, navigated to a blood clot, and used to suck the clot out of the patient’s body. The Jet 7 Xtra Flex was introduced to the U.S. market in July 2019 and quickly became a “growth driver” for the Company, a key source of new revenues.

The truth emerged through a series of disclosures that caused Penumbra’s stock price to fall and investors to suffer substantial losses.

Most recently, on December 15, 2020, the Company issued a press release announcing that it was issuing an “urgent” and “voluntary” recall of the Jet 7 Xtra Flex because the catheter “may become susceptible to distal tip damage during use” which could lead to injury or death.

In response, Penumbra’s stock price fell 7%, from $188.82 per share on December 15, 2020 to $174.98 per share on December 16, 2020, a decline of $13.84 per share.

The complaint, filed on January 15, 2021, alleges that defendants made false and/or misleading statements and/or failed to disclose material adverse facts about the Jet 7 Xtra Flex’s safety, as well as the Company’s business, operations, and prospects. Among other things, defendants failed to disclose to investors: (1) that the Jet 7 Xtra Flex had known design defects that made it unsafe for its normal use; (2) that Penumbra did not adequately address the risk of Jet 7 Xtra Flex causing serious injury and deaths, which had in fact already occurred; (3) that the Jet 7 Xtra Flex was likely to be recalled due to its safety issues; and (4) as a result, Penumbra’s public statements as set forth above were materially false and misleading at all relevant times.

For more information on the Penumbra class action go to: https://bespc.com/cases/PEN

Lizhi, Inc. (NASDAQ: LIZI)

Class Period: American Depositary Shares (“ADSs”) purchased pursuant and/or traceable to the Company’s initial public offering conducted on or about January 17, 2020 (the “IPO” or “Offering”)

Lead Plaintiff Deadline: March 22, 2021

On or about January 17, 2020 the company conducted its IPO, selling 4.1 million Lizhi ADSs at $11.00 per ADS. Defendants generated approximately $45 million in gross offering proceeds from their sale of Lizhi’s securities in the IPO.

By the commencement of this action, Lizhi shares are trading below $4 per share, a decline of over 63% from the offering price.

The complaint, filed on January 20, 2021, alleges that the registration statement for the IPO contained false and/or misleading statements and/or failed to disclose that: (1) at the time of the IPO, the coronavirus was already ravaging China, the home base, principal market, and significant hub for Lizhi, its employees, and its customers; (2) the complications associated with the coronavirus were already negatively affecting Lizhi’s business, as employees and customers contracted the virus, lost employment, or otherwise experienced difficulty in generating, publishing, and monetizing the content critical to Lizhi’s platform; (3) even prior to the IPO, Lizhi employees and customers complained of, and to, Lizhi, which harmed the Company’s reputation and financial condition and prospects; and (4) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.

For more information on the Lizhi class action go to: https://bespc.com/cases/LIZI

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected] 
www.bespc.com