SAN DIEGO, Nov. 20, 2023 (GLOBE NEWSWIRE) — The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of The Beauty Health Company (NASDAQ: SKIN) securities between May 10, 2022 and November 13, 2023, both dates inclusive (the “Class Period”), have until January 16, 2024 to seek appointment as lead plaintiff of the Beauty Health class action lawsuit. Captioned Alghazwi v. The Beauty Health Company, No. 23-cv-09733 (C.D. Cal.), the Beauty Health class action lawsuit charges Beauty Health and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Beauty Health class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-the-beauty-health-company-class-action-lawsuit-skin.html
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.
CASE ALLEGATIONS: Beauty Health is a health and beauty company which provides “skin health experiences.”
The Beauty Health class action lawsuit alleges that defendants throughout the Class Period failed to disclose that: (i) Syndeo 1.0 and 2.0 devices had issues leading to “frequent treatment interruptions”; (ii) as a result, Beauty Health incurred significant costs to develop enhancements; (iii) despite the enhancements, providers continued to experience issues with the Syndeo devices; (iv) consequently, Beauty Health would no longer market Syndeo 1.0 and 2.0 devices and incur significant inventory write-downs; and (v) as such, Beauty Health’s profitability would be adversely impacted.
The Beauty Health class action lawsuit further alleges that on August 9, 2023, Beauty Health announced that its second quarter of 2023 gross margin was “unfavorably impacted” by a mix shift “toward lower-margin refurbished devices . . . as U.S. providers awaited Syndeo enhancements in the third quarter [of] 2023 to improve user experience.” Beauty Health also announced the “involuntary separation without cause” of Beauty Health’s Chief Financial Officer, defendant Liyuan Woo, the Beauty Health class action lawsuit also alleges. On this news, the price of Beauty Health shares fell by more than 5%, the complaint alleges.
Then, the Beauty Health class action lawsuit alleges that, on November 13, 2023, Beauty Health disclosed that its third quarter of 2023 “was overshadowed by lower-than-expected U.S. revenue and $63.1 million in restructuring charges related to device upgrades of early generation Syndeo devices.” As a result, the complaint alleges, Beauty Health announced that it was “revising its fiscal year 2023 net sales guidance to a range of $385 to $400 million, its fiscal year adjusted EBITDA margin guidance to a range of 5% to 6% and is suspending its long-term 2025 financial outlook.” Beauty Health further disclosed that defendant Andrew Stanleick would depart Beauty Health as President and Chief Executive Officer and relinquish his Board seat, effective November 19, 2023, the Beauty Health class action lawsuit further alleges. On this news, the price of Beauty Health shares fell by more than 64%, the complaint alleges.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Beauty Health securities during the Class Period to seek appointment as lead plaintiff of the Beauty Health class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Beauty Health class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Beauty Health class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Beauty Health class action lawsuit
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
