Sientra Inc (SIENQ)

[scion]

SEC Charges Medical Aesthetics Company and Its Former CEO with Misleading Investors in a $60 Million Stock Offering

SEC Complaint
https://www.sec.gov/litigation/complaints/2018/comp24275.pdf

Litigation Release No. 24275 / September 19, 2018

Securities and Exchange Commission v. Hani Zeini, No. 18-cv-08103 (C.D. Cal. filed Sept. 19, 2018)

The Securities and Exchange Commission today charged Sientra, Inc., a California-based medical aesthetics company, and its former CEO, Hani Zeini, with concealing damaging news about the company's sole-source manufacturer before it closed a $60 million stock offering in 2015. The company agreed to settle the SEC's charges.

According to the SEC's complaint, Sientra sells silicone breast implants in the United States, and at the time of the offering, all of the implants it sold were made by a company in Brazil. Three days before Sientra was preparing to close a stock offering for more than $60 million, Zeini allegedly learned from the Brazilian company's CEO that its Brazilian manufacturer's "CE certificate," which is a sign of regulatory compliance required to sell products in the European Union, had been suspended. Zeini allegedly concealed this information from Sientra's general counsel and the underwriters for the offering. The day after the offering closed, news of the suspension became public, and Sientra's stock price fell 52.6% from $20.58 to $9.70 per share after it issued a release disclosing the suspension. Even after that, Zeini allegedly lied to those asking about the matter, and tried to destroy the records that showed he knew about the CE certificate suspension.

The SEC's complaint, filed in U.S. District Court for the Central District of California, charges Hani Zeini with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint seeks a penalty, an officer and director bar, and a permanent injunction.

Without admitting or denying the findings, Sientra, consented to the entry of the SEC's order, which finds Sientra violated Section 17(a) of the Securities Act of 1933 and section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 thereunder, and orders Sientra to cease and desist from future violations of these statutes. In considering whether to accept Sientra's settlement the SEC considered Sientra's prompt action upon discovering the alleged fraud, self-reporting to the SEC, and extensive cooperation with the agency's investigation.

The SEC's investigation was conducted by Matthew Montgomery and was supervised by Robert Conrrad of the Los Angeles office. The SEC's litigation against Mr. Zeini will be handled by Amy Longo and Matthew Montgomery

https://www.sec.gov/litigation/litreleases/2018/lr24275.htm

[BottomBounce]

$SIEN Price Targets in Focus For Gevo, Inc. (NASDAQ:GEVO) and Sientra, Inc. (NASDAQ:SIEN) https://rivesjournal.com/price-targets-in-focus-for-gevo-inc-nasdaqgevo-and-sientra-inc-nasdaqsien/245653/

[biotech2]

do they have a PR dept ? Never see any promtion.

[T695]

Sientra® Receives FDA Approval of New Silicone Breast Implant Styles and Sizes

Source: GlobeNewswire Inc.

Sientra, Inc. (NASDAQ:SIEN), a medical aesthetics company, today announced that it has received U.S. Food and Drug Administration (FDA) pre-market supplement approval (PMA) for four new breast implant styles in both shaped and round as well as additional profile and sizing options for nine existing implant offerings.
Jeffrey M. Nugent, Chairman and Chief Executive Officer of Sientra, said, “This FDA approval of our previously filed PMA supplement to expand our product offering, marks another step forward in building a broader and more differentiated product portfolio. This approval greatly increases our ability to meet both physician and patient needs. Included in this PMA Supplement are larger implant sizes, which will help us further penetrate the $235 million U.S. breast reconstruction market in combination with our recently announced acquisition of the Specialty Surgical Products, Inc.’s breast tissue expander portfolio. We look forward to bringing these new offerings to our customers.”

Mr. Nugent continued, “Separately, we remain on track to reestablishing a high-quality uninterrupted manufacturing supply, in collaboration with our partner Vesta. We continue to expect to submit our FDA pre-market approval supplement for the implants manufactured at this new facility by the end of the first quarter 2017 and expect to deliver newly manufactured product to the market by the end of the fourth quarter of 2017.”

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 Company’s development of a long-term manufacturing solution, including the ability and timing to submit a PMA supplement for the Vesta manufacturing facility and to qualify a manufacturing facility for the manufacture of product for the Company’s customers. Such statements are subject to risks and uncertainties, including the dependence on positive reaction from plastic surgeons and their patients and risks associated with contracting with Vesta or any third-party manufacturer and supplier, including uncertainties that the development and validation of Vesta’s manufacturing facility will be timely completed, that a PMA Supplement or other regulatory requirements will be timely approved by the FDA or other applicable regulatory authorities, and that the integration of recently acquired product lines will not achieve the anticipated benefits. 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.


Investor Contacts:

Patrick F. Williams
Sientra, Chief Financial Officer
[phone]
[e-mail]

Nick Laudico / Brian Johnston
The Ruth Group
[phone] / [phone]
[e-mail]
Primary Logo

[T695]

Cmon and pop

[stocktrademan]

SIEN bullish 9.21



normal chart


log chart

[Latinachica]

SIEN time to accumulate

[interloper]

Ripping today

[interloper]

SIEN breaking out, 10min chart

[jcrew]

I'm now in, and I also agree $11 - $12 would be a great short term exit point

[interloper]

I don't see why once they start production again why we can't be in the $20s again. I see technical resistance at $15. Maybe that will be all it gets. Hoping for $20s . Glad there is someone else on here.

[Bimmerx53]

Haha not completely alone! Looks like we had a temporary pullback and still room for more.

Looking at a $12+ price move soon?

[interloper]

Booom .... woot. And I am all alone.

[interloper]

SIEN Daily chart

[interloper]

Not thrilled with the rumor mill action, possibility for a retrace. need real news.

[Tdash]

Rumor of Regulatory Clearance For Silimed By Brazil Regulators

[interloper]

Boom today and no news. Inside info?

[CHA-RU]

Sientra up 40% premarket on looming return to market of Silimed implants

Jan. 8, 2016 8:39 AM • SA Editor Douglas W. House

Micro cap Sientra (NASDAQ:SIEN) is up 40% premarket on increased volume in response to a published letter to doctors from Chairman & CEO Jeff Nugent saying that the company has submitted all of the third testing data of its products to the FDA. He says that, in the company's opinion, the results show that all are safe and present no significant risk to patients. If the FDA agrees, then their implants will be back on the market.The company instituted a voluntary hold on implant sales in October after quality issues surfaced at Brazil-based Silimed.Previously: Sientra's silicon implant supplier in Brazil shut down by regulators; shares slump 24% premarket (Oct. 5, 2015)

[CHA-RU]

Big Run starting today. Great news out

[longtermgems]

Sientra has more room to run http://www.thewallstreetfox.com/2016/01/sientra-sien-has-more-room-to-run.html?m=1

[Johnnycash2013]

$3.36 was the last trade ihub is just stupid

[02opida]

3.30

[ospreyeye]

$SIEN Chart from yesterday – nice follow through today after confirming the Bullish Three Gap Downs reversal pattern yesterday – EMA 8 @ 3.55 is the key level to close above today – the middle Bollinger Band @ 4.02 is the key level to break – RSI & Fast STO are above oversold levels – light volume – RSI & Fast STO are above oversold levels – MACd is trending up –

[Lama]

Agree...wish i could respond privately (don't have PM)

[Stockexpertpro]

50 Million Market Cap BUT Company has 125 Million in Cash That is after paying off all its debts so stocks trading What 75 Million UNDER CASH That dont even include the companies other assets probably worth close to another 20 Million so were nearly 100 Million DOllars under I mean heck the book value per share is over 8$+ per share trading under 3$ STRONG BUY Anyone Selling down here is a idiot Simple Math heck the company just did a Secondary at 22$ a share for 3 million shares they raised 66 Million in cash THEY CAN BUY BACK EVERY SINGLE SHARE RIGHT NOW AND STILL HAVE MONEY LEFT OVER 50 million market cap right now AMAZING Going to give these guys a Call

[magness]

IMPORTANT INVESTOR ALERT: Lundin Law PC Announces Ongoing Investigation of Sientra, Inc. And Encourages Investors To Contact The Firm http://finance.yahoo.com/news/important-investor-alert-lundin-law-181000014.html

[interloper]

We continue to be well funded with a cash and cash equivalents balance of $148.9 million as of September 30, 2015. Earlier this week we paid in full our term loans totaling $24.5 million, and as a result the company has no outstanding debt obligations.
I want to end this communication with heartfelt gratitude to all of our surgeons who I personally met with last week during ASPS in Boston and who I have been communicating with regularly. Thank you for your continued support and words of encouragement during these challenging times. Our commitment to board-certified plastic surgeons is unwavering and we promise to double and triple our efforts to earn the privilege of your business as soon as we resolve this matter and are back in a position to offer you our differentiated value proposition and the unparalleled level of service, clinical transparency and evidence-based promotion you expect from us.
Thank you for the understanding and patience throughout this process which are deeply appreciated by everyone in our Sientra community.

Respectfully,

[dont-snow-me]

I agree,but with their cash on hand I believe this is a great buy and hold at this point. No debt and cash that is close to double the price of the stock is pretty strong. That being said they were idiots for not having some sort of back up plan..especially with the situation in Brazil being what it is.

[Lama]

The call yesterday was not good...will be stuck in range until additional info..I can elaborate on call, but everyone knows

[dont-snow-me]

Indeed,if they have only 17.9 mil outstanding shares and over 100 mil cash this seems like a tremendous buy in the 4.00 range. If for any reason they don't get back up and running they have enough cash to buy something related worth more than that from jump street.

[Lama]

They have $125 million in cash (no debt)...this is over $8 in cash a share...worth the wait.

[interloper]

Oct 23rd SIEN news release. Fire in one of the Silimed manufacturing plants.

[interloper]

The potential for a blow up after production resumes could make the risk worth while.

[interloper]

A break below $4 and I will be really tempted to take a position.

[interloper]

What happens after process is certified clean and when sales restart ? Boom?

[interloper]

"A German authority appointed to monitor Silimed "has recently carried out an inspection of the manufacturing plant in Brazil and established that the surfaces of some devices were contaminated with particles," it said in a statement."


mobile.reuters.com/article/idUSKCN0RO13320150924

[interloper]

This link pretty much tells the story.

U.S. Sales halted pending investigation into manufacturing process

[OB_WEALTH_INC]

no volume.its dead

[OB_WEALTH_INC]

Dude i see you everywhere where a stock drops 99% lol

[blindjohn]

This is looking good.