Did you lose money on investments in Cutera? If so, please visit Cutera, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, May 25, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Cutera, Inc. (“Cutera” or the “Company”) (NASDAQ: CUTR) between February 17, 2021 and May 9, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
According to the Complaint, Cutera is a medical aesthetic device company that provides equipment for beauty treatments. Throughout the Class Period, Defendants repeatedly assured investors that the Company would deliver sustainable revenue growth in the wake of the COVID-19 pandemic while concealing that the Company maintained inadequate internal control over financial reporting and significant conflicts among certain members of the Company’s senior leadership and board of directors (the “Board”).
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Defendants overstated the sustainability of Cutera’s revenue growth, failed to disclose significant conflicts among members of the Company’s senior leadership and Board, and failed to disclose several material weaknesses in the Company’s internal control over financial reporting.
After the market closed on February 28, 2023, Cutera filed a Notification of Late Filing with the SEC, reporting that the Company would not be able to timely file its annual financial report on Form 10-K by the March 1, 2023 deadline. The Company further disclosed that it “ha[d] identified and expect[ed] to disclose in the Form 10-K material weaknesses in its internal control over financial reporting related to . . . ineffective inventory count controls.”
Then, on March 16, 2023, Cutera announced that it would not meet the extended deadline for filing its 2022 annual report and would endeavor to file its 2022 annual report “as soon as practicable.” The Company also revealed that, in addition to the material weaknesses previously identified, Cutera had identified material weaknesses related to stock-based compensation.
A week later, on March 24, 2023, Cutera disclosed that Nasdaq notified the Company that it was “not in compliance with Nasdaq Listing Rule 5250(c)(1)” for failing to timely file its 2022 annual financial report.
Finally, on May 9, 2023, the Company reported disappointing financial results for the first quarter 2023 that were “below expectations due to execution challenges in the business” and announced that Defendant Rohan Seth had resigned as the Company’s Chief Financial Officer.
On this news, Cutera’s stock price fell $2.54 per share, or over 12%, to close at $17.66 per share on May 10, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than July 24, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Cutera common stock, and/or would like to discuss your legal rights and options please visit Cutera, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
