According to the lawsuit, defendants made materially false and/or misleading statements and/or failed to disclose that:
- Syndeo 1.0 and 2.0 devices, BeautyHealth brand Hydrafacial’s leading product which are data-connected hydradermabrasion machines, had issues leading to “frequent treatment interruptions”;
- as a result, BeautyHealth incurred significant costs to develop enhancements;
- despite the enhancements, providers continued to experience issues with the Syndeo devices;
- as a result, BeautyHealth would no longer market Syndeo 1.0 and 2.0 devices and incur significant inventory writedowns;
- as a result, BeautyHealth’s profitability would be adversely impacted; and
- as a result of the foregoing, defendants’ positive statements about BeautyHealth’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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