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August 16, 2019

Posted  August 16, 2019

In a consent judgment, Hani Zeini, formerly the CEO of California-based silicone breast implant company Sientra, Inc., has been ordered to pay a $160,000 civil penalty to settle charges that he concealed damaging news in advance of a $60 million stock offering by the company in 2015.  Specifically, as the offering was preparing to close, Zeini learned that the Brazilian company that was Sientra’s sole source for implants had lost a regulatory approval, but concealed that information from the underwriter and the company’s general counsel.  When the news became public the day after the offering closed, Sientra’s stock price fell over 50%.  SEC

Tagged in: Financial and Investment Fraud, Misrepresentations, Securities Fraud,