Notice to Current Long-term Shareholders of Cutera, Inc. (CUTR)

Philadelphia, Pennsylvania--(Newsfile Corp. - May 23, 2024) - Current Cutera, Inc. (NASDAQ: CUTR) shareholders who have held shares of the Company's stock since at least March 1, 2022, have standing to seek corporate reforms, the return of funds back to company coffers and potentially a court approved incentive award if appropriate, at no cost to you whatsoever. Click here to learn more: https://grabarlaw.com/the-latest/cutera-shareholder-investigation/.

Grabar Law Office is investigating claims on behalf of Cutera shareholders. The investigation concerns whether certain officers and directors of Cutera have breached their fiduciary duties owed to the company.

Why: According to an underlying securities fraud class action complaint, certain officers and directors of Cutera failed to monitor and maintain inventory and implement effective internal controls, while simultaneously rushing and failing to roll out Cutera's new acne-treating laser device, AviClear. It is alleged that the true primary motivation for the AviClear rollout was an executive compensation plan-known internally as the "Acne Equity Grant"-that shunted Company stock to the Individual Defendants in direct relation to (i) the number of AviClear devices placed with customers, and (ii) the speed with which such placements occurred.

Moreover, it is alleged that at relevant times, and notwithstanding Defendants' SOX certifications and other positive remarks about Cutera's internal control environment, Cutera and its officers and directors consistently failed to control, monitor, and maintain inventory, largely related to problems associated with the failed AviClear rollout.

This undisclosed failure of instilling adequate internal controls ultimately required Cutera to restate its financial statements for multiple quarters, particularly financial figures relating to inventory, cost of revenue, gross profit, gross margin, and operating loss. In fact, Defendants eventually admitted that "we identified a significant issue with how the company has been managing inventory during 2023," and "there was a shortfall of inventory relative to the Company's system of record." As Defendants themselves conceded, Cutera was managed by "suboptimal leadership."

What to do now: If you have held Cutera shares since prior to March 1, 2022 and would like to learn more at no cost to you, please visit https://grabarlaw.com/the-latest/cutera-shareholder-investigation/ or contact Joshua Grabar at jgrabar@grabarlaw.com or Mia Heller at mheller@grabarlaw.com, or call us at 267-507-6085.

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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210205