Berman Tabacco Announces Investigation of DENTSPLY SIRONA Inc. (XRAY) for Potential Securities Law V…
Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Dentsply Sirona Inc. (“Dentsply” or the “Company”) (NASDAQ: XRAY), a manufacturer of professional dental products and technologies.
On April 19, 2022, the Company filed a Form 8-K announcing that Donald M. Casey Jr. had been “terminated as the Company’s Chief Executive Officer and has ceased to serve as a member of the Board of Directors of the Company, effective as of April 19, 2022.”
On this news, shares of the Company fell $6.52 per share (a 13.4% decline) to close at $42.20 per share on April 19, 2022.
On May 10, 2022, before the market open, the Company filed a Form 12b-25, Notification of Late Filing (“Notice of Late Filing”), with the U.S. Securities and Exchange Commission (“SEC”) disclosing that it would be unable to timely file its Form 10-Q for three months ended March 31, 2022.
In the Notice of Late Filing, the Company disclosed that “[i]n March 2022, the Audit and Finance Committee of the Company’s Board of Directors (the ‘Audit Committee’) commenced an internal investigation of allegations regarding certain financial reporting matters submitted by current and former employees of the Company.” According to the Company, “[t]he Audit Committee’s investigation is focused on the Company’s use of incentives to sell products to distributors in the third and fourth quarters of 2021 and whether those incentives were appropriately accounted for and the impact of those sales was adequately disclosed in the Company’s periodic reports filed with the [SEC].” Further, “[t]he Audit Committee is also investigating allegations that 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.”
On this news, shares of the Company were down $2.87 per share (a 7.3% decline) to close at $36.38 per share on May 10, 2022.
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