SAN FRANCISCO, CA / ACCESSWIRE / December 17, 2024 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Dentsply Sirona Inc. ("Dentsply" or the "Company") (NASDAQ:XRAY) who purchased or otherwise acquired Dentsply common stock between December 1, 2022, and November 6, 2024, inclusive (the "Class Period") to contact us immediately regarding a pending securities class action against Dentsply. The deadline to apply to be lead plaintiff is January 27, 2025.
Class Period: December 1, 2022 - November 6, 2024
Lead Plaintiff Motion Deadline: January 27, 2025
Case information: https://lieffcabraser.com/securities/dentsply-sirona/
Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358
Dentsply, incorporated in Delaware and headquartered in Charlotte, North Carolina, manufactures professional dental products, including Byte, an affordable, "doctor-directed," direct-to-consumer dental aligner.
The action alleges that Dentsply made materially false and misleading statements throughout the Class Period, and failed to disclose material adverse facts about its business, operations, and prospects, including that: (1) the Company targeted their Byte sales towards low-income individuals who lacked access to quality dental care, and were therefore more likely to have underlying dental issues making them ineligible for the treatment; (2) the drive for Byte growth and sales commissions led employees to sell to contraindicated patients; (3) Dentsply's process for onboarding Byte patients failed to provide adequate assurance that contraindicated patients would not be treated; (4) the Company knew its Byte products were severely injuring patients, but failed to adequately investigate instances of those injuries; (5) Dentsply lacked systems to notify the FDA of such injuries within 30 days of learning of them, as required; and (6) the Company materially overstated the goodwill value of their Byte business.
On October 24, 2024, 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." Dentsply initially claimed that this was simply a "precautionary measure"; however, the next day, Dentsply CEO, defendant Simon D. Campion, revealed that discussions with the FDA had led to the suspension over concerns that the Company's patient onboarding process failed to adequately screen contraindicated patients from treatment with Byte aligners. Dentsply also disclosed that it expected to record a goodwill impairment charge of between $450 million and $550 million. On this news, the price of Dentsply common stock fell $1.10 per share, or 4.5%, from a closing price of $24.41 on October 24, 2024, to close at $23.31 per share on October 25, 2024, on heavy trading volume.
On November 7, 2024, Dentsply announced a goodwill impairment charge of $495 million and lowered its financial forecast for 2024, including reduced adjusted earnings per share of $1.82 to $1.86 (previously $1.96 to $2.02). In the corresponding earnings call, CEO Campion stated that the Company was considering the discontinuation of some or all of its Byte business. On this news, the price of Dentsply common stock fell $6.72 per share, or 28.02%, from a closing price of $23.98 per share on November 6, 2024, to close at $17.26 per share on November 7, 2024, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 125 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Repeatedly recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
CONTACT
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com
SOURCE: Lieff Cabraser Heimann & Bernstein
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