| Company: | Cutera, Inc. |
| Ticker Symbol: | NASD: CUTR |
| Class Period: | January 31, 2007 to April 4, 2007 |
| Date Filed: | Apr-18-07 |
| Lead Plaintiff Deadline: | Jun-18-07 |
| Court: | Northern District, CA |
| Allegations: |
A class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all purchasers of the common stock and other securities of Cutera, Inc. ("Cutera" or the "Company") (Nasdaq:CUTR) from January 31, 2007 through April 4, 2007 (the "Class Period"). Defendants include Cutera and certain of its top officers and directors.
The complaint alleges that Cutera 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 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's CEO, defendant Kevin P. Connors and Cutera'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.
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 shares dropped $11.72 per share on extraordinary trading volume of 7.2 million shares.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint alleges that Cutera 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 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's CEO, defendant Kevin P. Connors and Cutera'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.
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 shares dropped $11.72 per share on extraordinary trading volume of 7.2 million shares.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
