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id: 874, Created by Polina Foster, Scout
Beauty Health (SKIN) Syndeo Devices Case
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- Beauty Health allegedly misled investors about its issues with Syndeo devices, including frequent treatment interruptions and the ongoing problems despite costly enhancements.
- On November 14, 2023, the truth came out, leading to a 64% $SKIN fall the next day.
Beauty Health faced challenges in Q2 2023, with lower gross margins due to a shift to lower-margin refurbished devices and the CFO's departure.
In Q3, the company reported lower-than-expected U.S. revenue and restructuring charges. Beauty Health also disclosed that CEO was leaving the company in November.
This news caused $SKIN fall by 64% and $329.48M loss of market cap, damaging shareholders.
The lawsuit alleges that Beauty Health and its executives failed to disclose issues with Syndeo devices, resulting in treatment interruptions and profitability impact.
Shock Event Date
14 November 2023
16 November 2023
Lead Plaintiff Deadline
15 January 2024
Maria A Audero