SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Cutera, Inc. - CUTR
NEW YORK, June 23, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Cutera, Inc. ("Cutera" or the "Company") (NASDAQ: CUTR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Cutera and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 9, 2023, Cutera reported its preliminary financial results for full-year 2022, including the fact that Cutera had failed to meet its revenue guidance for 2022. On this news, Cutera's stock price fell $9.41 per share, or more than 23%, to close at $31.04 per share on January 9, 2023.
On February 28, 2023, Cutera filed a Notification of Late Filing with the U.S. Securities and Exchange Commission, 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." On this news, Cutera's stock price fell $0.32 per share, or approximately 1%, to close at $32.11 per share on March 1, 2023.
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. On this news, Cutera's stock price fell $3.49 per share, or approximately 12.5%, to close at $24.36 per share on March 17, 2023.
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. On this news, Cutera's stock price fell $0.92 per share, or approximately 3.4%, to close at $26.15 per share on March 27, 2023.
On April 12, 2023, the Company revealed that it had terminated J. Daniel Plants as the Company's Executive Chairman and Chairman of the Board and David H. Mowry as the Company's Chief Executive Officer, appointing current Board members Janet D. Widmann and Sheila A. Hopkins as Independent Chair of the Board and Interim Chief Executive Officer, respectively. In connection with this announcement, the Company also formally withdrew its full-year 2023 financial guidance. On this news, Cutera's stock price fell $7.63 per share, or more than 28%, to close at $19.44 per share on April 12, 2023.
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 Rohan Seth had resigned as the Company's Chief Financial Officer. On this news, Cutera's stock price fell $6.06 per share, or 30%, over the following two trading sessions, to close at $14.14 per share on May 11, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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