NEW YORK, Sept. 28, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of the securities of Sientra, Inc. (“Sientra” or the “Company”) (Nasdaq:SIEN) between March 18, 2015 through September 24, 2015, inclusive (the “Class Period”).
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s exclusive reliance on Silimed’s Brazilian manufacturing facilities carried significant quality control risks; (2) the manufacturing processes at the Silimed Rio de Janeiro manufacturing plant were contaminated; (3) as a result, the Company’s statements regarding quality control and other financial statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On September 24, 2015, it was announced that the United Kingdom’s Medicines and Healthcare Products Regulatory Agency (“MHRA”) had suspended sales of Silimed products after an audit of Silimed’s manufacturing processes revealed contamination in Silimed’s Rio de Janeiro manufacturing plant. On this news, shares of Sientra fell $10.88, or nearly 52.9%, to close at $9.70 on September 24, 2015.
If you wish to serve as lead plaintiff, you must move the Court no later than November 24, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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