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Case Status:    SETTLED
On or around 06/08/2017 (Other)

Filing Date: September 25, 2015

According to the law firm press release, Sientra is a medical aesthetics company that develops and sells medical aesthetics products to plastic surgeons. Sientra offers silicone gel breast implants for use in breast augmentation and breast reconstruction procedures, as well as breast tissue expanders. Sientra also provides body contouring and other implants, including gluteal, pectoral, calf, facial, and nasal implants.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, prospects and performance. Specifically, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Sientra’s exclusive reliance on Silimed’s Brazilian manufacturing facilities carried significant quality control risks; (ii) the manufacturing processes at the Silimed Rio de Janeiro manufacturing plant were contaminated; and (iii) as a result of the above, the Company’s statements regarding quality control and other financial statements were materially false and misleading at all relevant times.

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.

On December 10, 2015, the Court issued an Order appointing Lead Plaintiffs and approving Lead Counsel. Lead Plaintiffs filed a consolidated and amended complaint on February 19, 2016.

The parties entered into a Stipulation of Settlement on December 2, 2016. Preliminary approval was granted on January 23, 2017. Final approval was granted on May 22.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SIEN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 15-CV-07548
JUDGE: Hon. S. James Otero
DATE FILED: 09/25/2015
CLASS PERIOD START: 03/18/2015
CLASS PERIOD END: 09/24/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 15-CV-07548
JUDGE: Hon. S. James Otero
DATE FILED: 02/19/2016
CLASS PERIOD START: 05/14/2015
CLASS PERIOD END: 10/28/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  3. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date