CUTR Investors Have Opportunity to Lead Cutera, Inc. Securities Fraud Lawsuit
LOS ANGELES, July 11, 2023 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Cutera, Inc. ("Cutera" or the "Company") (NASDAQ: CUTR).
Class Period: February 17, 2021—May 9, 2023
Lead Plaintiff Deadline: July 24, 2023
If you wish to serve as lead plaintiff of the Cutera lawsuit, you can submit your contact information at www.glancylaw.com/cases/Cutera-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On February 28, 2023, after the market closed, Cutera announced that it was unable to timely file its 2022 Annual Report. The Company also disclosed that it had identified "material weaknesses in its internal control over financial reporting related to ineffective information technology general controls and ineffective inventory count controls." On this news, Cutera's stock price fell $0.32, or 1%, to close at $32.11 per share on March 1, 2023.
Then, on March 16, 2023, Cutera disclosed that it had identified additional material weaknesses related to stock-based compensation. On this news, Cutera's stock price fell $3.49, or 12.5%, to close at $25.36 per share on March 17, 2023.
Then, on April 7, 2023, the Company announced that its Executive Chairman and Chairman of the Board had demanded a special meeting of the Company's stockholders to vote on the removal of five members of the Company's Board.
On April 12, 2023, Cutera revealed that it terminated the Company's Executive Chairman and Chairman of the Board, as well as the Company's Chief Executive Officer. In connection with this announcement, Cutera also withdrew its full-year 2023 financial guidance. On this news, Cutera's stock price fell $7.63, or 28.1%, to close at $19.44 per share on April 12, 2023.
Then, on May 9, 2023, Cutera reported disappointing financial results for the first quarter 2023, stating that it was "below expectations due to execution challenges in the business." Furthermore, the Company announced that its Chief Financial Officer had resigned. On this news, Cutera's stock price fell $6.06, or 30%, to close at $14.14 per share on May 11, 2023, thereby injuring investors further.
The complaint filed alleges that, throughout the Class Period, Defendants: (1) overstated the sustainability of Cutera's revenue growth; (2) failed to disclose significant conflicts among members of the Company's senior leadership and Board; (3) failed to disclose several material weaknesses in the Company's internal control over financial reporting; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Glancy Prongay & Murray LLP
