BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of a class (the "Class") of purchasers of the securities Sientra, Inc. ("Sientra" or the "Company") (NASDAQ:SIEN) between March 18, 2015 and September 24, 2015 inclusive (the "Class Period"). Sientra investors have until November 24, 2015 to file a motion to be appointed as lead plaintiff in the class action lawsuit.
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 United Kingdom’s Medicines and Healthcare products Regulatory Agency has suspended distribution of its Silimed products. 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 throughout the Class Period, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose, among others: (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, 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, 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.