NEW YORK, June 01, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) reminds investors that a complaint has been filed on behalf of purchasers of Cutera, Inc. (“Cutera” or the “Company”) common stock (NASDAQ: CUTR) between February 17, 2021 and May 9, 2023, inclusive (the “Class Period”). Cutera is a medical aesthetic device company that provides equipment for beauty treatments.
If you acquired Cutera common stock during the Class Period and would like to discuss our investigation, please click here. You may also contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than July 24, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
According to the complaint, 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 complaint alleges that investors learned the truth about the Company through a series of disclosures starting on January 9, 2023, when Cutera reported its preliminary financial results for full‑year 2022, including the fact that Cutera had failed to meet its revenue guidance for 2022. Following this news, the price of Cutera common stock declined $9.41 per share, or more than 23%, from a close of $40.45 per share on January 6, 2023, to close at $31.04 per share on January 9, 2023.
Later, on April 12, 2023, Cutera revealed that it had terminated Defendant J. Daniel Plants as the Company’s Executive Chairman and Chairman of the Board and Defendant David H. Mowry as the Company’s Chief Executive Officer. Following this news, the price of Cutera common stock declined $7.63 per share, or more than 28%, from a close of $27.07 per share on April 11, 2023, to close at $19.44 per share on April 12, 2023.
Finally, according to the complaint, on May 9, 2023, Cutera reported disappointing financial results for the first quarter of 2023 that were “below expectations due to execution challenges in the business” and Cutera announced that the Company’s Chief Financial Officer had resigned. Following this news, the price of Cutera common stock declined $6.06 per share over two trading sessions, or 30%, from a close of $20.20 per share on May 9, 2023, to close at $14.14 per share on May 11, 2023.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities 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. 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, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@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
