SANTA BARBARA, Calif., Oct. 28, 2016 (GLOBE NEWSWIRE) -- Sientra, Inc. (NASDAQ:SIEN) (“Sientra” or the “Company”), a medical aesthetics company, today announced that it has reached an agreement to settle all shareholder class action litigation previously disclosed in the Company’s public filings with the Securities and Exchange Commission. The settlement, which will be memorialized in a stipulation of settlement, is subject to certain conditions, including applicable court approvals. The parties intend to file the stipulation of settlement and joint motions for preliminary approval promptly. Pursuant to the terms of the settlement, defendants will cause to be paid $10.9M (of which the Company’s D&O insurance carriers will pay $9.3M and the Company will pay $1.6M).
About Sientra
Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company committed to making a difference in patients’ lives by enhancing their body image, growing their self-esteem and restoring their confidence. The Company was founded to provide greater choice to board-certified plastic surgeons and patients in need of medical aesthetics products. The Company has developed a broad portfolio of products with technologically differentiated characteristics, supported by independent laboratory testing and strong clinical trial outcomes. The Company sells its breast implants and breast tissue expanders exclusively to board-certified and board-admissible plastic surgeons and tailors its customer service offerings to their specific needs. The Company also offers a range of other aesthetic and specialty products including bioCorneum, the professional choice in scar management.
Forward- looking statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding the timing of filing the stipulation of settlement and joint motions for preliminary approval, the expectation of obtaining court approvals and executing a final settlement agreement, and the estimated amounts expected to be paid on behalf of the defendants and covered by the Company’s D&O insurance. Such statements are subject to risks and uncertainties, including risks that necessary court approvals are not obtained, that a definitive settlement agreement cannot be reached, that a final settlement agreement might result in a larger settlement payment on behalf of the defendants or that coverage by the Company’s D&O coverage may not be as expected, and that any delay or failure to achieve a settlement may result in continued expense and distraction of management’s focus on executing corporate initiatives. Additional factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Sientra’s most recently filed Quarterly Report on Form 10-Q and and its Annual Report on Form 10-K for the year ended December 31, 2015 which Sientra filed with the Securities and Exchange Commission on March 10, 2016. All statements other than statements of historical fact are forward-looking statements. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’ ‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue,’’ ‘‘anticipate,’’ ‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. Estimates and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, the Company undertakes no obligation to update or review any estimate or forward-looking statement.