Securities Fraud Investigation: Dentsply Sirona Inc.
DENTSPLY SIRONA, INC. Company News: Berger Montague Investigates Securities Fraud Allegations Against Dentsply Sirona, Inc. (NASDAQ: XRAY); Lead Plaintiff Deadline is August 1, 2022
PHILADELPHIA, June 8, 2022 – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities Dentsply Sirona, Inc. (“Dentsply” or the “Company”) (NASDAQ: XRAY) between June 9, 2021 and May 9, 2022 (the “Class Period”).
If you purchased the securities of Dentsply during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/dentsply-sirona/
Whistleblowers: Anyone with non-public information regarding Dentsply is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Dentsply is a dental equipment manufacturer that produces a wide array of dental supplies, ranging from anesthetics, plaque and gum disease prevention, tooth polishers, and artificial teeth.
The complaint alleges that, throughout the Class Period, Defendants orchestrated a scheme to inflate the Company’s revenue and earnings by manipulating its accounting for a distributor rebate program in order for senior executives to be eligible for significant cash and stock-based incentive compensation.
The truth about Dentsply’s misconduct was revealed through a series of disclosures, beginning on April 19, 2022, when Dentsply announced the sudden termination of its CEO.
On May 10, 2022, Dentsply announced that, following reports from several whistleblowers, the Audit Committee of its Board of Directors had commenced an internal investigation regarding certain financial reporting matters, including “the Company’s use of incentives to sell products to distributors in the third and fourth quarter of 2021” and whether “certain former and current members of senior management directed the Company’s use of these incentives and other actions to achieve executive compensation targets in 2021.”
As a result of these disclosures, Dentsply’s share price declined significantly and investors suffered heavy losses.