Lawsuit Overview
November 26, 2008 - The lead plaintiffs filed a notice of appeal.
September 30, 2008 - The court granted defendants' motion to dismiss without prejudice with leave to amend.
January 31, 2008 - Defendants filed a motion to dismiss.
December 17, 2007 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Cutera Inc (NASDAQ: CUTR) common shares between January 31, 2007 and May 7, 2007. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 31, 2007 and May 7, 2007.
November 2, 2007 - Lead plaintiffs and lead counsel were appointed and cases were consolidated.
August 15, 2007 - Another lead plaintiff motion was filed.
June 22, 2007 - Cases were consolidated.
June 18, 2007 - Lead plaintiff motion was filed.
May 8, 2007 - Another investor filed a complaint on behalf of investors who purchased Cutera Inc (NASDAQ: CUTR) common shares between January 31, 2007 and May 7, 2007. The plaintiff allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 31, 2007 and May 7, 2007.
April 17, 2007 - An investor in shares of Cutera Inc (NASDAQ: CUTR) filed a lawsuit in the U.S. District Court for the Northern District of New York over alleged violations of Federal Securities Laws by Cutera Inc in connection with certain allegedly false and misleading statements made between January 31, 2007 and April 4, 2007.
The complaint alleges that Cutera Inc and certain officers and directors violated the federal securities laws by making false and misleading statements and omissions assuring the investing public that increased sales efforts and other corporate developments would lead to extraordinary growth in the first quarter of 2007, and for the entire year. Specifically, Cutera Inc asserted on January 31, 2007 that these positive factors would lead to 25% revenue growth for the first quarter of 2007 and for the full year, 33% growth in net income for the first quarter of 2007, and 25% growth in net income for the full year. This announcement was followed shortly thereafter by unusually large stock sales by Cutera Inc’s CEO, defendant Kevin P. Connors and Cutera Inc’s CFO, defendant Robert J. Santilli. The Complaint alleges that CEO Connors has a history of making stock sales at high prices just prior to the release of adverse corporate news.
The complaint further alleges that on April 5, 2007 defendants shocked the market by announcing that revenues and earnings for the first quarter of 2007 would not increase 25%, as stated just weeks before, but rather would materially decrease. Defendants offered no cogent explanation for this reversal. On this news, Cutera Inc shares dropped $11.72 per share on extraordinary trading volume of 7.2 million shares.