HARTFORD, Conn., April 23, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status 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 ("Cutera" or the "Company") (Nasdaq:CUTR) between January 31, 2007 and April 4, 2007, inclusive, (the "Class Period").
The Complaint 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. Specifically, Cutera asserted on January 31, 2007 that these positive factors would 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 class, you may, no later than June 18, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. 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 make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard, P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard, P.C. toll-free at (800) 797-5499, or by e-mail at firm@snlaw.net, or visit our website: www.snilaw.com.