Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of New York on behalf of shareholders of Dentsply Sirona, Inc. who purchased shares between February 20, 2014 and August 7, 2018.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: According to the complaint, during the Class Period, Defendants attributed the Company’s financial performance to the Company’s “innovation,” “operational improvement efforts,” “new products,” and “continued investments in sales and marketing” and told investors that these factors helped the Company succeed despite the “highly competitive” market for its products. In reality, the Company’s financial results had been buoyed by an anticompetitive scheme among the Company’s three primary distributors that suppressed competition in the dental supply market and artificially inflated the price of dental supplies sold by Dentsply. Further, Defendants concealed that an exclusive distribution arrangement that Sirona had with one of its distributors, Patterson Companies, Inc. (“Patterson”), required Patterson to regularly make large minimum purchases regardless of demand and, as a result, by 2015, Patterson had been supplied with so much excess inventory that it could not be sold. This channel-stuffing rendered the Company’s reported sales, financial results and guidance materially false and misleading. In addition, the Company represented that it reported its financial statements, including its goodwill, in accordance with generally accepted accounting principles, or GAAP. In fact, the Company’s reported goodwill was artificially inflated and not reported in accordance with GAAP because it did not reflect the financial impact of the anticompetitive scheme.
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 February 19, 2019 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
KUZNICKI LAW PLLC
445 Central Avenue, Suite 344, Cedarhurst, NY 11516
Phone: (347) 696-1134
Cell : (347) 690-0692
Fax : (347) 348-0967
© 2019 All Rights Reserved.