BROOKLYN, N.Y. (Legal Newsline) – Stockholders of a dental products manufacturer allege they purchased stock at artificially inflated prices.
Boynton Beach General Employees' Pension Plan, on behalf of itself and all others similarly situated, filed a complaint on Dec. 19 in the U.S. District Court for the Eastern District of New York against Dentsply Sirona Inc., et al. over alleged violation of the Securities Exchange Act.
According to the complaint, the plaintiffs seek to represent a class of members who purchased Dentsply Sirona common stock between Feb. 20, 2014, and Aug. 7, 2018.
"Defendants made materially false and misleading statements and omissions, including statements regarding the acquisition (with Sirona Dental Systems), and engaged in a scheme to deceive the market," the suit states. "This artificially inflated the price of Dentsply Sirona common stock and operated as a fraud or deceit on the Class. Later, when defendants’ prior misrepresentations and risks concealed by the fraudulent conduct alleged herein materialized and were disclosed to the market on Aug. 9, 2017, Oct. 2, 2017, May 6, 2018, and Aug. 7, 2018, the price of Dentsply Sirona common stock fell precipitously."
The plaintiffs allege the defendants carried out a plan to deceive the investing public and cause the plaintiff and the class to purchase stock at artificially inflated prices.
The plaintiff requests a trial by jury and seeks judgment for compensatory damages, reasonable costs, expenses and such equitable/injunctive or other further relief as the court may deem just and proper. They are represented by Gerald H. Silk, Avi Josefson and Michael Blatchley of Bernstein Litowitz Berger & Grossmann LLP in New York.
U.S. District Court for the Eastern District of New York case number 1:18-cv-07253-NG-PK