NEW YORK, July 22, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is notifying investors in Dentsply Sirona Inc. ("Dentsply" or the "Company") (XRAY: NASDAQ) of a class action securities lawsuit. Dentsply purports to be the world’s largest manufacturer of professional dental products and technologies.
The Dentsply class action lawsuit seeks to represent purchasers of Dentsply common stock between June 9, 2021, and May 9, 2022, inclusive (the “Class Period”) and charges Dentsply Sirona and certain of its former top executive officers with violations of the Securities Exchange Act of 1934.
The lawsuit alleges that defendants orchestrated a scheme to inflate Dentsply's revenue and earnings by manipulating the Company's accounting for a distributor rebate program so that senior executives would be eligible for significant cash and stock-based incentive compensation. In order to facilitate this scheme, Dentsply and its executives made numerous false and misleading statements to investors during the class period. As a result of defendants' misrepresentations, Dentsply's common stock traded at artificially inflated prices during the Class Period.
On April 11, 2022, Dentsply announced that Jorge Gomez had “resigned” as Chief Financial Officer.
Then, on April 19, 2022, Dentsply announced that its Board of Directors had terminated the Company’s CEO, Donald M. Casey, Jr., effective immediately and with no succession plan in place. Following this disclosure, the price of Dentsply shares declined by $6.52 per share, more than 13%, to close at $42.20 per share.
Finally, on May 10, 2022, Dentsply announced that the Audit and Finance Committee of its Board of Directors was investigating Dentsply’s “use of incentives to sell products to distributors in the third and fourth quarters of 2021” and “whether those incentives were appropriately accounted for” in reports filed with the U.S. Securities and Exchange Commission. Following this news, the price of Dentsply shares declined $2.87 per share, more than 7%, to close at $36.38 per share further damaging investors.
If you suffered substantial losses and wish to serve as lead plaintiff of the Dentsply Sirona class action lawsuit, please contact us by calling (646) 315-9003 or via e-mail at pmayer@kaplanfox.com. Lead plaintiff motions for the Dentsply class action lawsuit must be filed with the court no later than August 1, 2022.
With over 35 years of experience in complex litigation. Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients’ rights. We have the experience, skills and resources to aggressively pursue our clients' rights on issues of securities fraud and corporate governance.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP is a leading national law firm focusing on complex litigation with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
