DENTSPLY SIRONA, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York against Dentsply Sirona, Inc.
NEW YORK, Dec. 27, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased or otherwise acquired Dentsply Sirona, Inc. (“Dentsply” or the “Company”) (NASDAQ: XRAY) between February 20, 2014 through August 7, 2018, inclusive (“Class Period”).
Investors who have incurred losses in the shares of Dentsply Sirona, Inc., and/or currently own shares, are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Dentsply Sirona, Inc., you may, no later than February 19, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Dentsply Sirona, Inc.
On August 9, 2017, Dentsply Sirona disclosed that the U.S. Securities and Exchange Commission (“SEC”) had opened an investigation into the “Company’s accounting and disclosures, including its accounting and disclosures relating to transactions with a significant distributor of the Company.” In addition, Dentsply Sirona reported second quarter 2017 earnings that missed the lowest analyst estimates, cut its full-year guidance by over 5%, and recorded a non-cash goodwill impairment charge of $1.2 billion as a result of an “increase in competition” and the resulting impact on revenues and margins.
In response to these disclosures, Dentsply Sirona’s share price fell $5.18, or 8.4%, declining from $61.41 per share on August 8, 2017 to close at $56.23 per share on August 9, 2017.
Subsequently, on October 2, 2017, Dentsply Sirona unexpectedly announced the departure of its three top executives, Chief Executive Jeffrey Slovin, Chief Operating Officer Christopher Clark, and Executive Chairman Bret Wise. On this news, Dentsply Sirona shares fell another $3.48, or 5.8%, declining from $59.81 per share on September 29, 2017 to close at $56.33 per share on October 2, 2017.
On May 6, 2018, Dentsply Sirona disclosed additional information revealing the impact of the antitrust conspiracy on the Company’s financial results, reporting that organic revenue growth for the first quarter of 2018 was down 1.4%, driven largely by a 7.6% decline in the U.S. market. Dentsply Sirona also reported that on a segment basis, consumables declined 1.3% year-over-year, while equipment declined 1.6% year-over-year. As a result, the Company announced that it was reducing its 2018 guidance by $0.15 per share for the second time in nine months.
Dentsply Sirona’s stock price fell $5.52, or 11%, over the next two trading days, declining from $49.99 per share on May 4, 2018 to close at $44.47 per share on May 8, 2018.
Finally, on August 7, 2018, Dentsply Sirona announced another goodwill impairment charge of $1.27 billion and cut full year earnings guidance by approximately 20% due to continued significant destocking of product by its partner dealers.
On this news, Dentsply Sirona shares declined $9.03, or 18.6%, to close at $39.41 on August 7, 2018, its lowest price since 2013.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq.Gregory Stone, Director of Case and Financial AnalysisEmail: email@example.com, firstname.lastname@example.org or email@example.com Tel: (800) 575-0735 or (212) 545-4774
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