NEW YORK, June 4, 2007 (PRIME NEWSWIRE) -- Kirby McInerney & Squire, LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Cutera, Inc. ("Cutera" or the "Company") (Nasdaq:CUTR) between January 31, 2007 and April 4, 2007, inclusive, (the "Class Period").
The lawsuit alleges that Cutera and certain of its officers and directors violated Federal Securities laws by making misleading statements assuring the investing public that increased sales efforts and other corporate developments would lead to extraordinary growth in the first quarter of 2007, and for the entire year; lead to 25% revenue growth for the first quarter of 2007 and for the full year, 33% growth in net income for the first quarter of 2007, and 25% growth in net income for the full year. This announcement was followed shortly thereafter by unusually large stock sales by Cutera insiders.
On April 5, 2007, defendants announced that revenues and earnings for the first quarter of 2007 would not increase 25%, as stated just weeks before, but rather would materially decrease. Defendants offered no cogent explanation for this reversal. On this news, Cutera shares dropped $11.72 per share.
If you are a member of the proposed class, you may, no later than June 18, 2007, request that the Court appoint you as lead plaintiff of the class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs can participate in important decisions which could affect the recovery for class members.
If you wish to discuss this action, or have any questions concerning this notice or your rights, please contact us, toll free, at (888) 529 4787 or by email at info.newcases@kmslaw.com
Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and the firm's achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiffs in a securities class action can be obtained through Kirby McInerney & Squire, LLP's website at http://www.kmslaw.com.