NEW YORK–(BUSINESS WIRE)–#Action–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Dentsply Sirona, Inc. (“Dentsply Sirona” or the “Company”) (NASDAQ: XRAY) in the United States District Court for the Southern District of Ohio on behalf of all persons and entities who purchased or otherwise acquired Dentsply Sirona securities between June 9, 2022 and May 9, 2022, both dates inclusive (the “Class Period”). Investors have until August 1, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Dentsply is a dental equipment manufacturer with offices across the United States. Dentsply produces a wide array of dental supplies, ranging from anesthetics, plaque and gum disease prevention, tooth polishers, and artificial teeth. The Company distributes approximately two-thirds of its dental consumable technology and equipment products through third-party distributors.
The complaint alleges that, throughout the Class Period, 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. In order to facilitate this scheme, Dentsply and its executives made numerous false and misleading statements to investors during the Class Period. As a result of Defendants’ misrepresentations, Dentsply’s common stock traded at artificially inflated prices during the Class Period.
The truth about Dentsply’s misconduct was revealed through a series of disclosures, beginning on April 19, 2022, when Dentsply announced the sudden termination of its CEO Don Casey. Then, on May 10, 2022, Dentsply 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.
If you purchased or otherwise acquired Dentsply Sirona shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.