SAN FRANCISCO--(BUSINESS WIRE)--National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Cutera, Inc. (“Cutera” or the “Company”) who suffered losses from purchasing or otherwise acquiring Cutera common stock (NASDAQ: CUTR) between February 17, 2021 and May 9, 2023 to contact us immediately regarding pending securities fraud class action against Cutera. The deadline to apply to be a lead plaintiff is July 24, 2023.
Class Period: February 17, 2021 – May 9, 2023
Lead Plaintiff Motion Deadline: July 24, 2023
Case information: lieffcabraser.com/securities/cutera
Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358
Cutera is a medical aesthetic device manufacturer that makes equipment for use in beauty treatments.
The securities class action alleges that Cutera made false and/or misleading statements and/or failed to disclose that: (1) Cutera’s revenue growth was not as sustainable as the Company led investors to believe; (2) there was a significant conflict among the Company’s senior management and board of directors; and (3) there were material weaknesses in the Company’s internal controls over financial reporting.
On January 9, 2023, Cutera announced disappointing preliminary financial results for the full year 2022. On this news, the price of Cutera common stock fell 23.26% to close at $31.04 per share on January 9, 2023.
On February 28, 2023, Cutera announced that it would not be able to timely file its Form 10-K annual report for 2022 with the Securities and Exchange Commission and that it had identified material weaknesses in its internal controls over financial reporting. On this news, the price of Cutera common stock fell approximately 1% to close at $32.22 per share on March 1, 2023.
On March 16, 2023, the Company announced that it would not be able to file its 2022 Form 10-K by the extended deadline and that there were material weaknesses relating to stock-based compensation. On this news, the price of Cutera common stock fell 12.53% to close at $24.36 per share on March 17, 2023.
On March 24, 2023, the Company disclosed that it received a notice from NASDAQ for failing to timely file its 2022 Form 10-K. On this news, the price of Cutera common stock fell 3.40% to close at $26.15 per share on March 27, 2023.
On April 12, 2023, the Company announced that it had terminated its Chief Executive Officer and Executive Chairman, and replaced them with existing members of the board. In addition, the Company withdrew its financial guidance for 2023. On this news, the price of Cutera common stock fell 28.19% to close at $19.44 per share on April 12, 2023.
On May 9, 2023, the Company announced disappointing financial results for the first quarter of 2023 and disclosed that its Chief Financial Officer had resigned. On this news, the price of Cutera common stock fell 30% over two trading days to close at $14.14 per share on May 11, 2023.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
