BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Sientra, Inc. ("Sientra" or the "Company") (NASDAQ:SIEN) securities between Mar. 18, 2015 to Sept. 24, 2015, inclusive (the “Class Period”). Sientra investors have until November 24, 2015 to file a lead plaintiff motion. Investors who suffered losses on their investment in Sientra securities are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action.
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.
If you purchased shares of Sientra during the Class Period you may move the Court no later than November 20, 2015 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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