Sientra Inc (NASDAQ: SIEN) Investor Securities Class Action Lawsuit 09/25/2015
The settlement includes all persons or entities that purchased or otherwise acquired Sientra Inc (NASDAQ: SIEN) common stock pursuant or traceable to the Registration Statement and Prospectus for Sientra Inc's September 2015 Secondary Offering or that purchased or otherwise acquired Sientra Inc common stock during May 14, 2015 and October 28, 2015.
January 23, 2017 - The court preliminarily approved the settlement.
December 2, 2016 - Parties filed a stipulation of settlement
November 24, 2015 - Lead plaintiff motions were filed.
September 25, 2015 - An investor in shares of Sientra Inc (NASDAQ: SIEN) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Sientra Inc in connection with certain allegedly false and misleading statements made between March 18, 2015 and September 24, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Sientra Inc (NASDAQ: SIEN) common shares between March 18, 2015 and September 24, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 18, 2015 and September 24, 2015 Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Sientra Inc’s exclusive reliance on Silimed's Brazilian manufacturing facilities carried significant quality control risks, that the manufacturing processes at the Silimed Rio de Janeiro manufacturing plant were contaminated, and that as a result of the above, Sientra Inc’s statements regarding quality control and other financial statements were materially false and misleading at all relevant times.
Sientra Inc reported that its annual Total Revenue rose from $10.45 million in 2012 to $44.73 million in 2014 and that its Net Loss declined from $23.43 million in 2012 to $5.81 million in 2014.
Shares of Sientra Inc (NASDAQ: SIEN) traded in June 2015 as high as $25.75 per share.
On September 24, 2015, it was announced that the United Kingdom's Medicines and Healthcare Products Regulatory Agency (MHRA) had suspended sales of Sientra Inc's Silimed-brand silicone breast implants following the discovery of contamination in the company's Rio De Janeiro manufacturing plant.
Shares of Sientra Inc (NASDAQ: SIEN) declined from $24.44 per share on September 16, 2015 to as low as $9.60 per share on September 24, 2015.