Cutera, Inc. - CUTR STOCK NEWS

Cutera, Inc. (NASDAQ: CUTR) announced a Special Meeting of Stockholders scheduled for June 9, 2023, at 9:00 am PT in Brisbane, California. The meeting aims to consider proposals from J. Daniel Plants and David Mowry to remove five out of six independent directors (the 'Targeted Directors'). A Special Committee has been established to review these proposals and will recommend how stockholders should vote. The Special Committee chair, Juliane T. Park, expressed confidence that stockholders will support the Targeted Directors, who have been serving diligently. Further details will be provided in a definitive proxy statement to be filed with the SEC. Stockholders are advised to await the proxy materials before taking action.

RTW Investments, which manages approximately 9.3% of Cutera's shares, has urged the company to hold a Special Meeting of Stockholders to discuss the recent removal of CEO David Mowry. RTW believes the Board's decision to terminate Mowry needs further scrutiny and that he should be reinstated as interim CEO while a replacement is sought. RTW asserts that the market's reaction to the CEO's removal indicates a loss of confidence in the Board and emphasizes the importance of hearing stockholder voices through the Special Meeting. The firm maintains that with appropriate leadership, Cutera's innovative products could significantly benefit stockholders.

Cutera, Inc. (NASDAQ: CUTR) faces internal turmoil as a lawsuit has been filed against its Board of Directors by major shareholders J. Daniel Plants and David Mowry, who together own about 7% of the company's shares. The lawsuit, filed on April 11, 2023, challenges the Board's recent decision to fire Plants as Executive Chairman and Mowry as CEO, alleging this was retaliation for their efforts to remove certain entrenched directors. The shareholders demand reopening the nomination window for the upcoming 2023 Annual Meeting to allow shareholders a say in Board representation. Concerns include breaches of fiduciary duty and manipulation of events by the Board to preserve their control, which has reportedly led to wasted shareholder capital. Both Plants and Mowry urge shareholders not to be misled by the actions of the Board.

Cutera, Inc. (Nasdaq: CUTR) has announced significant executive leadership changes, appointing Sheila A. Hopkins as Interim CEO and Janet D. Widmann as Independent Chair of the Board, effective immediately. This decision follows the termination of Executive Chairman Daniel Plants and CEO David Mowry for cause. The Board is actively searching for a permanent CEO. In conjunction with these changes, the company has withdrawn its full-year 2023 outlook, indicating a shift in strategic focus. Ms. Hopkins aims to advance the company’s AviClear strategy while maintaining core business operations. Ms. Widmann emphasized the Board's commitment to acting in the best interest of Cutera’s stockholders. The company's future leadership direction will be crucial for its performance and market position.

Cutera, Inc. (NASDAQ: CUTR) announced support from its senior management for its current strategic path under CEO David Mowry and Executive Chairman J. Daniel Plants. The letter of support sent to the Board was signed by ten executives, highlighting concerns that ongoing board conflicts may harm the company’s operations and relationships with customers. They emphasized that the current strategic plan is effective, particularly the shift toward First mover devices like AviClear, which aligns with customer needs and drives transformation. The executives expressed their trust in Mowry's leadership and urged a quick resolution to board issues to prioritize customers and operational focus.

Pura Vida Investments, LLC, a major shareholder of Cutera (7% ownership), has expressed serious concerns over internal disputes within the company's Board of Directors. The group claims these conflicts have led to the significant undervaluation of Cutera and its products, particularly highlighting the potential of the AviClear product cycle. Pura Vida urges the Board to resolve their issues swiftly and suggests extending the director nomination deadline for better shareholder engagement. If the Board fails to act, they are prepared to explore alternative strategies, including the introduction of new directors and a world-class CEO to facilitate a successful transition for the company.

Cutera, Inc. (NASDAQ: CUTR) has announced that it is now in compliance with Nasdaq Listing Rule 5250(c)(1), following the filing of its Form 10-K for the period ended December 31, 2022. Previously, the company received a notification of non-compliance due to a delayed filing. The recent Form 10-K does not contain any restatements of prior financial statements and discloses no additional material weaknesses in internal controls beyond those previously reported on March 16, 2023. This compliance reaffirms Cutera’s commitment to meeting Nasdaq's requirements. The company is recognized for its innovative aesthetic and dermatology solutions, offering safe and effective treatments for practitioners worldwide since 1998.

Cutera, Inc. has faced significant governance issues as highlighted by Executive Chairman J. Daniel Plants and CEO David Mowry, who together own 7% of the company. They have called for a Special Meeting of Stockholders to address the removal of several board members, citing dysfunction and failure in CEO succession planning. Mowry expressed concerns over the board's inability to agree on a successor and its lack of transparency, while Plants criticized the board's political behavior. This turmoil has hindered long-term decision-making and strategy implementation, resulting in a factionalized board. They aim to enable shareholders to vote on new board representation, emphasizing the urgency for change to restore confidence and strategic direction at CUTR.