Farooqui & Farooqui, Securities Litigation Partners LLP James (Josh) Wilson He encourages investors who have suffered losses exceeding $75,000 at Dentsply to contact him directly to discuss their options
If you suffer losses exceeding $75,000 dentsply Between February 28, 2022 and November 6, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 22, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against DENTSPLY SIRONA (NASDAQ:) Inc. (“Dentsply” or the “Company”) (NASDAQ: XRAY) and reminds investors of January 27, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui 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 detailed below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Dentsply targeted low-income individuals who did not have access to information Good verbal health education, dentist, or dental insurance, which often means patients who sign up for Byte have underlying dental issues that may make them ineligible for treatment; (2) pressure for byte growth and sales commissions led sales staff to sell to contraindicated patients; (3) as a result of the above, Byte's patient onboarding workflow did not provide sufficient assurance that non-treatment patients were not entering treatment; (4) Before and during the class period, reports were pouring in of Bite patient infections; (5) Dentsply knew that its Byte aligners were causing serious patient injuries for years, but did little to investigate those injuries or notify the FDA; (6) Dentsply did not have any systems in place to notify the FDA of these infections, which the company is required to do within 30 days of learning of the problem; (7) The FDA has received a sharp rise in reports of serious infections from patients with Byte; (8) as a result of the above, Dentsply materially overstated Byte's goodwill; (9) As a result of the above, Defendants' positive statements about the Company's business, operations, and future prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The truth began to unravel after markets closed on October 24, 2024, when Dentsply announced “the voluntary suspension of sales and marketing of its bit alignment tools and printing kits while the company conducts a review of certain regulatory requirements related to these products.” Dentsply claimed that suspending Byte's sales and marketing was a “precautionary measure.” Dentsply also disclosed that it “expects to record non-cash goodwill impairment charges in the range of $450 million to $550 million” for its orthodontic and dental implant solutions segment. During Byte's “Business Update Call” prior to the markets opening on October 25, 2024, Chief Executive Officer (“CEO”) Simon D. Campion provided more context on Byte's comment: “(I)n connection with our ongoing discussions with the FDA, we have determined that our patient onboarding workflow may not provide sufficient assurance that certain patients who are not on medication do not enter treatment with Byte Aligners.”
On this news, Dentsply's stock price fell more than 4%, 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, before the markets opened, Dentsply announced its third-quarter 2024 financial results, revealing that Dentsply “recorded a non-cash goodwill impairment charge net of ($495 million)” from taxes within its Calendar Solutions segment Dental and dental implants.” During the corresponding earnings call held later that day, CEO Campion also revealed that although Dentsply “was not at a stage of our analysis To make a final decision on Byte,” the company was “carefully evaluating strategic options, which may include discontinuing some or all of this business.”
On this news, Dentsply's stock price fell more than 28%, 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.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Dentsply's conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
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