A lawsuit was filed on behalf of investors in Cutera, Inc. (NASDAQ:CUTR) shares over alleged securities laws violations.

San Diego, CA -- (SBWire) -- 06/09/2023 --The Shareholders Foundation announced that an investor, who purchased shares of Cutera, Inc. (NASDAQ: CUTR), filed a lawsuit over alleged violations of Federal Securities Laws by Cutera, Inc..

Investors who purchased shares of Cutera, Inc. (NASDAQ: CUTR) have certain options and for certain investors are short and strict deadlines running. Deadline: July 24, 2023. NASDAQ: CUTR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Brisbane, CA based Cutera, Inc., a medical device company, researches, develops, manufactures, markets, and services laser and energy-based aesthetics systems for practitioners worldwide.

On January 9, 2023, Cutera, Inc reported its preliminary financial results for full year 2022, including the fact that Cutera had failed to meet its revenue guidance for 2022.

On February 28, 2023, Cutera Inc announced, that it would fail to file its 2022 annual report in a timely manner. The Company also admitted that it identified "material weaknesses in its internal control over financial reporting related to ineffective information technology general controls and ineffective inventory count controls."

On March 16, 2023, Cutera, Inc 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, Inc had identified material weaknesses related to stock-based compensation.

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. On this news, the price of Cutera common stock declined $0.92 per share, or approximately 3.4%, from a close of $27.07 per share on March 24, 2023, to close at $26.15 per share on March 27, 2023.

On April 7, 2023, Cutera, Inc. disclosed that the company's Executive Chairman and Chairman of the Board, Defendant J. Daniel Plants ("Plants"), demanded a special meeting of the company's stockholders to vote on the removal of five members of the Board.

On April 10, 2023, Plants and David H. Mowry ("Mowry"), the company's Chief Executive Officer, issued statements in support of their separate demands calling for the Board to remove five of its directors. In connection with their demands, Plants and Mowry cited concerns that the Board had not made progress on a succession plan for the role of Chief Executive Officer, and Mowry stated that "the approach the Entrenched Directors have taken to these matters has been detrimental to the business and served no purpose other than to position certain Directors closer to the CEO title that they seem to covet for themselves."

Then, on April 12, 2023, Cutera, Inc. revealed that it had terminated Plants as the company's Executive Chairman and Chairman of the Board and Mowry as Chief Executive Officer, appointing current Board members Janet D. Widmann and Sheila A. Hopkins as Independent Chair of the Board and Interim Chief Executive Officer, respectively. In connection with this announcement, Cutera, Inc. also formally withdrew its full year 2023 financial guidance.

Then, on May 9, 2023, Cutera, Inc. reported its financial results for the first quarter 2023 that were "below expectations due to execution challenges in the business" and announced that Rohan Seth had resigned as the company's Chief Financial Officer.

Shares of Cutera, Inc. (NASDAQ: CUTR) declined from $74.38 per share on April 05, 2022, to as low as $13.21 per share on May 12, 2023.

The plaintiff claims that between February 17, 2021, and May 9, 2023, the 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 Cutera's internal control over financial reporting and that as a result of Defendant's wrongful acts and omissions, and the significant decline in the market value of the company's common stock, Cutera's investors have suffered significant damages.

Those who purchased shares of Cutera, Inc. (NASDAQ: CUTR) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.