Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Cutera, Inc. who purchased shares between February 17, 2021 and May 9, 2023.
Cutera and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 12, 2023, the Company disclosed that the Board had terminated both its Chief Executive Officer and its Executive Chairman and Chairman of the Board, both “with cause” and that it was “withdrawing its full-year 2023 outlook.” On this news, shares of Cutera fell $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.
Then, on May 9, 2023, the Company disclosed disappointing financial results for 1Q2023 that were “below expectations due to execution challenges in the business,” and also announced the resignation of its Chief Financial Officer. On this news, shares of Cutera fell $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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 24, 2023 to request that the court appoint them lead plaintiff.