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Today Dentsply’s stock dropped almost 6%. Why, you might ask. Well Dentsply Sirona is under investigation and the top three executives of the corporation submitted their resignations (translation: were fired) today.
There have been several investigations on behalf of Dentsply Sirona, Inc. ("Dentsply" or the "Company") (NASDAQ: XRAY) investors concerning the Company and its officers' possible violations of federal securities laws.
On October 2, 2017 the Company announced the abrupt resignations of Chief Executive Officer Jeffrey Slovin, Executive Chairman Bret Wise and Chief Operating Officer Christopher Clark. On this news, the Company's share price fell over 5% in intraday trading on October 2, 2017.
I am a shareholder of XRAY, and when first contacted in August regarding the “irregularities” in financial reporting and the SEC investigations regarding the possible violations and complicity of of corporate executives, I wrote to the shareholder services office of the company whose corporate HQ resides right on Philadelphia Street here in York, PA to get clarification and express my concern. I received absolutely no response.
As a former Dentsply employee, my experience told me that corporate executives only grew the business through acquisitions and would concentrate on telling the street how this would increase sales, but seemed to ignore the costs associated with successfully melding those business units operationally.
I’m pretty sure Mr. Slovin, Mr. Wise, and Mr. Clark will be OK though with the golden parachutes they have negotiated. Let the shareholders eat cake.
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The shareholders are usually the one holding the bag on issues like this.
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Let's hope that the terminated trio did some last minute insider trading and will be netted by some SEC and racketeering charges.