INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP HAS FILED A SHAREHOLDER CLASS ACTION AGAINST CUTERA INC.-CUTR
New York, NY April 23, 2007 - Murray, Frank & Sailer LLP has filed a class action on behalf of shareholders who purchased or otherwise acquired the securities of Cutera Inc. (“Cutera” the “Company”) (NasdaqGS: CUTR) between January 31, 2007 to April 4, 2007, inclusive, (the "Class Period").
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The complaint alleges that Cutera and certain officers and directors violated the federal securities laws by making false and misleading statements and omissions assuring the investing public that increased sales efforts and other corporate developments would lead to extraordinary growth in the first quarter of 2007, and for the entire year. Specifically, Cutera asserted on January 31, 2007 that these positive factors would lead to 25% revenue growth for the first quarter of 2007 and for the full year, 33% growth in net income for the first quarter of 2007, and 25% growth in net income for the full year. This announcement was followed shortly thereafter by unusually large stock sales by Cutera's CEO, defendant Kevin P. Connors and Cutera's CFO, defendant Robert J. Santilli. The Complaint alleges that CEO Connors has a history of making stock sales at high prices just prior to the release of adverse corporate news.
On April 5, 2007 defendants shocked the market by announcing that revenues and earnings for the first quarter of 2007 would not increase 25%, as stated just weeks before, but rather would materially decrease. Defendants offered no cogent explanation for this reversal. On this news, Cutera shares dropped $11.72 per share on extraordinary trading volume of 7.2 million shares.
If you are a member of the class, you may, no later than June 18, 2007, move to be appointed as a Lead Plaintiff. A Lead Plaintiff is a representative, chosen by the Court, who acts on behalf of other class members in directing the litigation.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You may visit our website at www.murrayfrank.com. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Bradley P. Dyer of Murray, Frank & Sailer LLP.
Murray, Frank & Sailer LLP
Bradley P. Dyer
Fax: (212) 682-1892
Email: [email protected]