CUTERA, INC. (NASDAQ: CUTR) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against Cutera, Inc.

By: Bernstein Liebhard LLP via GlobeNewswire

July 11, 2023 at 01:45 AM EDT

NEW YORK, July 11, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:

Do you, or did you, own shares of Cutera, Inc. (NASDAQ: CUTR)?

Did you purchase your shares between February 17, 2021 and May 9, 2023, inclusive?

Did you lose money in your investment in Cutera, Inc.?

Do you want to discuss your rights?

Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the common stock of Cutera, Inc. (“Cutera” or the “Company”) (NASDAQ: CUTR) between February 17, 2021 and May 9, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").

If you purchased or acquired Cutera common stock, and/or would like to discuss your legal rights and options please visit Cutera, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.

If you wish to serve as lead plaintiff, you must move the Court no later than July 24, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

The Complaint alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Defendants overstated the sustainability of Cutera’s revenue growth, failed to disclose significant conflicts among members of the Company’s senior leadership and Board, and failed to disclose several material weaknesses in the Company’s internal control over financial reporting.

After the market closed on February 28, 2023, Cutera filed a Notification of Late Filing with the SEC, 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.”

Then, 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.

A week later, 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.

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 Defendant Rohan Seth had resigned as the Company’s Chief Financial Officer.

On this news, Cutera’s stock price fell $2.54 per share, or over 12%, to close at $17.66 per share on May 10, 2023.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com