A lawsuit was filed on behalf of investors in DENTSPLY SIRONA Inc. (NASDAQ: XRAY) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/16/2022 -- An investor, who purchased shares of DENTSPLY SIRONA Inc. (NASDAQ: XRAY), filed a lawsuit over alleged violations of Federal Securities Laws by DENTSPLY SIRONA Inc.
If you purchased a significant amount of shares of DENTSPLY SIRONA Inc. (NASDAQ: XRAY) between June 9, 2021 and May 9, 2022, and / or if you purchased any NASDAQ: XRAY shares prior to June 2021 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: August 1, 2022. NASDAQ: XRAY investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Chorlotte, NC based DENTSPLY SIRONA Inc. designs, develops, manufactures, distributes, and sells various dental products and technologies for professional dental market worldwide. DENTSPLY SIRONA Inc y distributes approximately two-thirds of its dental consumable technology and equipment products through third-party distributors.
On April 19, 2022, DENTSPLY SIRONA Inc announced the termination of Chief Executive Officer Don Casey, effective immediately, and stating that Casey "will cease to serve as a member of the Company's Board."
On May 10, 2022, DENTSPLY SIRONA Inc announced that, following reports from several whistleblowers, the Audit Committee of its Board of Directors had commenced an internal investigation regarding certain financial reporting matters. Specifically, Dentsply disclosed that the Audit Committee was investigating "the Company's use of incentives to sell products to distributors in the third and fourth quarter of 2021" and "whether those incentives were appropriately accounted for." Further, the Audit Committee was also investigating allegations that "certain former and current members of senior management directed the Company's use of these incentives and other actions to achieve executive compensation targets in 2021." As a result of these disclosures, Dentsply's share price declined precipitously.
Shares of DENTSPLY SIRONA Inc. (NASDAQ: XRAY) declined from $49.38 per share on April 18, 2022, to as low as $34.81 per share on June 15, 2022.
The plaintiff claims that between June 9, 2021 and May 9, 2022, the Defendants orchestrated a scheme to inflate the Company's revenue and earnings by manipulating its accounting for a distributor rebate program in order for senior executives to be eligible for significant cash and stock-based incentive compensation, that in order to facilitate this scheme, Dentsply and its executives made numerous false and misleading statements to investors between June 9, 2021 and May 9, 2022, and that as a result of Defendants' misrepresentations, Dentsply's common stock traded at artificially inflated prices between June 9, 2021 and May 9, 2022.
Those who purchased shares of DENTSPLY SIRONA Inc. (NASDAQ: XRAY) have certain options and should contact the Shareholders Foundation.
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