PR Newswire
NEW YORK, Dec. 3, 2024
NEW YORK, Dec. 3, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against DENTSPLY SIRONA Inc. ("Dentsply" or the "Company") (NASDAQ: XRAY). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Dentsply and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until January 27, 2025, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Dentsply securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On December 31, 2020, Dentsply paid $1.04 billion in cash to acquire Byte, a manufacturer of clear dental aligners.
On October 24, 2024, Dentsply announced the "voluntary suspension of sales and marketing of its Byte Aligners and Impression Kits while the Company conducts a review of certain regulatory requirements related to these products." The same day, in a filing with the U.S. Securities and Exchange Commission, Dentsply claimed that the suspension of Byte sales and marketing was a "precautionary measure", while disclosing that it "expects to record non-cash charges for the impairment of goodwill within the range of $450-$550 million" for its Orthodontic and Implant Solutions segment, with the decline in fair value for the Orthodontic Aligner Solutions reporting unit "driven primarily by adverse impacts from recent state regulatory trends pertaining to the Company's direct-to-consumer aligner business."
On this news, Dentsply's stock price fell $1.10 per share, or more than 4%, to close at $23.31 per share on October 25, 2024.
Then, on November 7, 2024, Dentsply reported its financial results for the third quarter of 2024, disclosing that it had "recorded a non-cash charge for the impairment of goodwill of ($495) million net of tax within the Orthodontic and Implant Solutions segment" and had revised its 2024 outlook, with expected organic sales of "(3.5%) to (2.5%) (previously (1%) to flat)" and adjusted earnings-per-share of "$1.82 to $1.86 (previously $1.96 to $2.02)." On a subsequent conference call to discuss these results, Dentsply's Chief Executive Officer disclosed that the Company was considering the "discontinuation of some or all of [Byte's] business."
On this news, Dentsply's stock price fell $6.72 per share, or more than 28%, to close at $17.26 per share on November 7, 2024.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 85 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
