Cutera, Inc. Investor Alert (NASDAQ: CUTR): Schubert Jonckheer & Kolbe LLP Investigating Potential Claims Against the Company’s Officers and Directors
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 complete the form below for a free legal consultation.
