Kaskela Law has launched an investigation against Dentsply Sirona for potential securities fraud on behalf of investors.
Six notes:
1. Kaskela Law said Nov. 19 that an amended securities fraud complaint was filed against Dentsply Sirona on behalf of investors who purchased shares of the company's stock between June 9, 2021, and November 13, 2022.
2. The complaint alleges that Dentsply Sirona and certain executives misrepresented the company's financial and operational results for the second half of fiscal year 2021.
3. Dentsply Sirona launched an internal investigation into possible securities fraud in March 2022. The investigation was completed in November 2022, with the company stating it identified "weaknesses in the company's internal control over financial reporting" and determined its financial statements and related disclosures for the months leading up to Sept. 30, 2021, and for the 2021 fiscal year are unreliable because of "certain misstatements contained in those financial statements."
4. The investigation also determined that certain members of senior management violated provisions of the company’s code of ethics and business conduct.
5. Several other law firms launched investigations in 2022 and 2023 to look into possible breaches of fiduciary duties and federal securities law violations.
6. Dentsply Sirona is facing other investigations launched after the company announced it would suspend the sale and marketing of its Byte clear aligners and impression kits in October.
Becker's has contacted Dentsply Sirona for comment and will update this article if more information becomes available.