Dental supplies manufacturer Dentsply Sirona was issued a class action lawsuit by Boynton Beach General Employees' Pension Plan.
Here are five things to know:
1. The lawsuit claims Dentsply Sirona falsely represent the company's financial performance. Dentsply Sirona attributed its financial performance to innovation, operational improvement efforts, new products and continued investments in sales and markets.
2. However, the plaintiff alleges Dentsply Sirona's financial performance was buoyed by an agreement with three primary distributors to suppress competition.
3. Dentsply Sirona allegedly hid an agreement with Patterson Co., from shareholders. In the agreement, Patterson is allegedly required to purchase a large quantity of supplies from Dentsply Sirona. However, the lawsuit claims Patterson has been unable to sell the supplies, causing excess inventory.
4. The plaintiff claims the alleged agreement between the company and Patterson caused the financial results and guidance to be false and misleading.
5. Dentsply Sirona was under investigation by the Securities and Exchange Commission. The company announced the investigation Aug. 7. Since then, three of Dentsply Sirona's executives have departed, and the company's stock has declined.
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Here are five things to know:
1. The lawsuit claims Dentsply Sirona falsely represent the company's financial performance. Dentsply Sirona attributed its financial performance to innovation, operational improvement efforts, new products and continued investments in sales and markets.
2. However, the plaintiff alleges Dentsply Sirona's financial performance was buoyed by an agreement with three primary distributors to suppress competition.
3. Dentsply Sirona allegedly hid an agreement with Patterson Co., from shareholders. In the agreement, Patterson is allegedly required to purchase a large quantity of supplies from Dentsply Sirona. However, the lawsuit claims Patterson has been unable to sell the supplies, causing excess inventory.
4. The plaintiff claims the alleged agreement between the company and Patterson caused the financial results and guidance to be false and misleading.
5. Dentsply Sirona was under investigation by the Securities and Exchange Commission. The company announced the investigation Aug. 7. Since then, three of Dentsply Sirona's executives have departed, and the company's stock has declined.
More articles on dentists:
Michigan authorizes dental therapists: 3 details
Georgia unlicensed dentist now faces RICO charges: 5 things to know
Aspen Dental, Henry Schein & more: 8 dental companies making headlines