Dentsply Sirona, Inc. (NASDAQ: XRAY)
On August 9, 2017, Dentsply Sirona announced in its Form 10-Q filing that the SEC’s Division of Enforcement “has asked the Company to provide documents and information concerning the Company’s accounting and disclosures, including its accounting and disclosures relating to transactions with a significant distributor of the Company.” In reaction, Dentsply Sirona’s share price fell $5.18, or 8.4%, to close at $56.23 on August 9, 2017.
On October 2, 2017, Dentsply Sirona announced that three top executives tendered their resignations: CEO Jeffrey Slovin, Executive Chairman Bret Wise, and President and Chief Operating Officer Christopher Clark. This news drove the price of Dentsply Sirona shares down $3.48, or 5.8%, to close at $56.33 on October 2, 2017.
The next day, The Wall Street Journal reported the Company’s board forced these executives out.
“We’re focused on the matters triggering the SEC’s inquiry, the extent of improper accounting if any, and the possible roles of the recently-departed executives,” said Hagens Berman partner Reed Kathrein.
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