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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages investors who have suffered losses in DentSy to contact him directly to discuss their options
If you have purchased or acquired securities in DentSply Between February 28, 2022 and November 6, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi Partners Josh Wilson directly at 877-247-4292 or 212-983-9330 (ext. 1310).
(You can also click here for more information.)
New York, New York–(Newsfile Corp. – January 26, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating and reminds investors of potential claims against Dentsspy Sirona (NASDAQ: “Firm”) (NASDAQ: XRAY). to the January 27, 2025 deadline to seek the role of lead plaintiff in a securities lawsuit filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As described below, the complaint alleges that the Company and its officers violated the federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) low-income people who lack access to good mouth had hygiene education, dental or dental insurance, which often meant patients signing up for Byte had underlying dental problems that would have made them ineligible for treatment. (2) the push for Byte growth and sales commissions resulted in sales reps being sold to contraindicated patients; (3) As a result of the above-mentioned Byte patient did not provide sufficient assurance that contraindicated patients did not enter treatment. (4) Reports of Byte patient injuries poured in before and during the class period; (5) Dentspy knew that its Byte aligners were causing serious patient injuries for years, but did little to investigate these injuries or notify the FDA. (6) DentsPly did not have systems in place to notify the FDA of these violations, which the company was required to do within 30 days of learning of a problem. (7) The FDA had received a large increase in reports of serious injuries to Byte patients; (8) As a result of the above overstatement, DentsPly materially overstated Byte’s goodwill value; (9) As a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The truth began after markets closed on October 24, 2024, when DentsPly announced the “voluntary suspension of sales and marketing of its Byte Aligners and Impression Kits while the Company conducts a review of certain regulatory requirements related to these products. ” Dentspy claimed that the suspension of Byte’s sales and marketing was a “precautionary measure.” DentSPly further disclosed that it “expects to record goodwill impairment figures in the range of $450 million to $550 million for its orthodontic and implant solutions segment.” During a “Byte Business Update call” prior to the opening of the Markets opened on October 25, 2024, Simon D. Campion Chief Executive Officer (“CEO”) provided more context about the Byte suspension: “(i) In conjunction with our ongoing discussions with FDA, we have determined that our patient on board workflow may not provide sufficient assurance that certain contraindicated patients will not be treated with Byte aligners. ”
On this news, the price of Dentsply shares fell from a closing price of $24.41 per share on October 24, 2024 to a closing price of $23.31 per share on October 25, 2024.
The truth was revealed on November 7, 2024, when Dentspy reported its financial results for the third quarter of 2024 before markets opened, disclosing that Dentspy “levied a non-customs duty goodwill impairment charge of (US$495 million) within the orthodontics segment and implant solutions.” During the earnings call held later that day, CEO Campion further revealed that although “Not at any point in our analysis to make a final decision about Byte,” the company “thoroughly evaluated strategic options that may include discontinuing some or all of this business.”
On this news, the price of Dentsply shares fell from a closing price of $23.98 per share on November 6, 2024 to a closing price of $17.26 per share on November 7, 2024 on extraordinary trading volume.
The lead plaintiff created by the court is the investor with the greatest financial interest in the relief sought by the class, which is appropriate and typical of the class members directing and overseeing the litigation on behalf of the putative class. Any member of the putative class may move the Court through counsel of their choice as lead plaintiff or may elect to do nothing and remain an absent class member. Your ability to participate in recovery will not be affected by the decision to serve or not as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about Dentspy’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.
Lawyer advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to future matters. We welcome the opportunity to discuss your specific case. All communication is treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238366
