Cutera, Inc. Securities Lawsuit Investigation
On April 12, 2023, shares of Cutera, Inc. dropped after the company terminated CEO David Mowry and Executive Chairman Daniel Plants for allegedly violating their fiduciary duties as directors. Mowry and Plants responded by filing a lawsuit against Cutera for retaliation.
Following the unexpected boardroom personnel changes, Cutera’s stock price dropped 28% on April 12, 2023, causing significant harm to investors.
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Why is CUTR stock dropping?
Cutera announced on February 28, 2023, that it would fail to file its 2022 annual report in a timely manner. Then, on Wednesday, April 12, 2023, shares of California-based aesthetics device company tumbled after the immediate terminations of its CEO and Executive Chairman for allegedly violating their fiduciary duties by disclosing “highly confidential internal deliberations of the board,” as said in a Cutera statement.
In response to Cutera’s action, Mowry and Plants filed a lawsuit against the “Entrenched Directors” for alleged retaliation. The lawsuit alleges the Entrenched Directors fired Mowry and Plants “to try to preserve their memberships on the Board and advance their roles at the Company, including the appointment today of one of the Entrenched Directors as the Company’s CEO and another as its Chairperson.”
RTW Investments, LP, one of Cutera’s largest shareholders, reported it is “concerned about the events that have transpired at the Company this past week, particularly with respect to the Board’s removal of David Mowry as the [CEO].” Additionally, Cutera announced that it is withdrawing its full-year 2023 outlook in connection with recent actions within the company.
Following news of the boardroom personnel changes, Cutera’s stock price plummeted 28% on April 12, 2023, causing significant harm to investors.
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