Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Sientra, Inc. Investors
October 23, 2015 | By Business Wire News
LOS ANGELES
Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit on behalf of investors of Sientra, Inc. (“Sientra” or the “Company”) (Nasdaq: SIEN) who purchased shares between March 18, 2015 to September 24, 2015, inclusive (the “Class Period”) and have been damaged by the recent declines in the Company’s stock price. Sientra investors have until November 24, 2015 to file a lead plaintiff motion.
On September 23, 2015, the Company announced the closing of a public offering of 3 million shares of common stock. Then on September 24, 2015, the Company disclosed that the U.K.’s Medicines and Healthcare products Regulatory Agency has suspended distribution of its Silimed products due to issues with a manufacturing facility in Rio de Janeiro, Brazil. On this news, the Company’s shares fell $10.88 per share, or over 52%, to close on September 24, 2015 at $9.70 per share.
The complaint alleges that Sientra, made false and/or misleading statements and/or failed to disclose that: (i) Sientra’s exclusive reliance on Silimed’s Brazilian manufacturing facilities carried significant quality control risks; (ii) the manufacturing processes at the Silimed Rio de Janeiro manufacturing plant were contaminated; and (iii) as a result of the above, the Company’s statements regarding quality control and other financial statements were materially false and misleading at all relevant times.
Subsequently, on October 23, 2015, Sientra disclosed that it was “aware of a fire in one of the two manufacturing buildings at Silimed.” On this news, the Company’s shares fell as much as $1.50 per share, or over 26%, to during intra-day trading.
If you purchased Sientra securities during the Class Period, have information or 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151023005967/en/
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
