SAN
FRANCISCO, May 21, 2024 /PRNewswire/ --
Schubert Jonckheer & Kolbe LLP advises Cutera, Inc.
investors that the firm is investigating potential legal claims
arising from recent accounting issues, a restatement of the
company's financials, and other potential wrongdoing. Current
shareholders are encouraged to contact the
firm regarding their rights.
On November 8, 2023, Cutera
announced that it would delay filing its quarterly financial
results for the third quarter of 2023 "pending resolution of an
issue related to inventory accounting." On December 21, 2023, the Company announced that
certain financial statements previously issued should no longer be
relied upon, due, in part, to material errors in accounting for
physical inventory and deficiencies in related internal controls.
On March 5, 2024, the Company filed
restated quarterly reports for the first and second quarters of
2023, and then filed its delayed Form 10-K annual report for fiscal
year 2023 on May 10, 2024, due to the
recently completed restatement.
Notably, Cutera's recent 2022, 2023, and 2024 quarterly and
annual reports admit that the company's "disclosure controls
and procedures were not effective" at a "reasonable assurance
level" due to various material weaknesses, including as of
March 31, 2024. In addition, on
April 12, 2023, the company announced
that Executive Chairman J. Daniel Plants and CEO David H. Mowry were terminated "with
cause," and withdrew its 2023 full-year outlook.
Based on these facts, Cutera and certain of its executives have
been named in a class action lawsuit, pending in the U.S. District
Court for the Northern District of California, alleging that they made false and
misleading statements to investors in violation of the federal
securities laws. Our investigation concerns whether current Cutera
shareholders may be able to bring additional claims against
potential wrongdoers for their role in causing shareholder
losses.
If you own Cutera stock and want additional information about
your legal rights, please visit our website at
https://www.classactionlawyers.com/cutera to learn
more.
About Schubert Jonckheer & Kolbe LLP
Schubert
Jonckheer & Kolbe represents shareholders, employees, and
consumers in class actions against corporate defendants, as well as
shareholders in derivative actions against their officers and
directors. The firm is based in San
Francisco, and with the help of co-counsel, litigates cases
nationwide.
Contact
Schubert Jonckheer & Kolbe LLP
Tel: (415) 788-4220
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SOURCE Schubert Jonckheer & Kolbe LLP