SAN DIEGO, May 26, 2023 /PRNewswire/ -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Cutera, Inc. (NASDAQ: CUTR) common stock between February 17, 2021 and May 9, 2023, inclusive (the "Class Period") have until July 24, 2023 to seek appointment as lead plaintiff of the Cutera class action lawsuit. Captioned Erie County Employees' Retirement System v. Cutera, Inc., No. 23-cv-02560 (N.D. Cal.), the Cutera class action lawsuit charges Cutera and certain of its top executives and directors with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Cutera class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Cutera is a medical aesthetic device company that provides equipment for beauty treatments.
The Cutera class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Cutera overstated the sustainability of its revenue growth; (ii) there were significant conflicts among members of Cutera's senior leadership and Board of Directors; and (iii) there were several material weaknesses in Cutera's internal control of financial reporting.
On January 9, 2023, Cutera revealed that Cutera had failed to meet its revenue guidance for 2022. On this news, the price of Cutera common stock declined more than 23%.
Then, on February 28, 2023, Cutera disclosed that Cutera would not be able to timely file its annual financial report by the March 1, 2023 deadline. Cutera also disclosed that it identified material weaknesses in its internal control over financial reporting related to ineffective inventory count controls. On this news, the price of Cutera common stock declined further.
Thereafter, on March 16, 2023, Cutera announced it would not meet the extended deadline for filing its 2022 annual report. Cutera also revealed that, in addition to the material weaknesses previously identified, Cutera had identified material weaknesses related to stock-based compensation. On this news, the price of Cutera common stock declined more than 12%.
A week later, on March 24, 2023, Cutera disclosed that Nasdaq notified it that it was "not in compliance with Nasdaq Listing Rule 5250(c)(1)" for failing to timely file its 2022 annual financial report. On this news, the price of Cutera common stock decline more than 3%.
Then, on April 12, 2023, Cutera announced that it had terminated its Executive Chairman and Chairman of the Board, defendant J. Daniel Plants, as well as its Chief Executive Officer, defendant David H. Mowry. On this news, the price of Cutera common stock declined more than 28%.
Finally, on May 9, 2023, Cutera reported disappointing financial results for the first quarter 2022 that were "below expectations due to execution challenges in the business" and announced that Cutera's Chief Financial Officer, defendant Rohan Seth, had resigned. On this news, the price of Cutera common stock declined 30% over two trading sessions, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Cutera common stock during the Class Period to seek appointment as lead plaintiff of the Cutera class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Cutera class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Cutera class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Cutera class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 ? the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs' firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever ? $7.2 billion ? in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
SOURCE Robbins Geller Rudman & Dowd LLP