NEW ORLEANS, June 06, 2023 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until July 24, 2023 to file lead plaintiff applications in a securities class action lawsuit against Cutera, Inc. (NasdaqGS: CUTR), if they purchased the Company’s shares between February 17, 2021 and May 9, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
Cutera investors should visit us at https://claimsfiler.com/cases/nasdaq-cutr-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
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.
The case is Erie County Employees’ Retirement System v. Cutera, Inc., et al., No. 23-cv-02560.
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