NEW YORK--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/orthofix/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Orthofix International N.V. (“Orthofix” ) (NASDAQ:OFIX) common stock during the period between May 5, 2011 and July 29, 2013 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/orthofix/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Orthofix and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Orthofix, a medical device company headquartered in Curacao, Netherlands Antilles, designs, develops, manufactures, markets, and distributes medical equipment used principally by musculoskeletal medical specialists for spine and orthopedic applications. The company operates through two segments, Spine and Orthopedics.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s financial performance and future prospects. In particular, defendants misrepresented or failed to disclose the following adverse facts, which were known to defendants or recklessly disregarded by them: (a) certain revenues recognized during 2011 and 2012 should not have been recognized or should not have been recognized during the periods in which they were recognized; (b) Orthofix’s previously issued consolidated financial statements as of and for the fiscal years ended December 31, 2011 and December 31, 2012 (as well as the interim quarterly periods within such years), and for the interim quarterly period ended March 31, 2013, should not be relied upon; (c) Orthofix’s financial statements during 2011, 2012, and the first quarter of 2013 were materially false and misleading and violated generally accepted accounting principles and Orthofix’s publicly disclosed policy of revenue recognition; (d) Orthofix’s Forms 10-Q and 10-K for fiscal years 2011 and 2012, as well as for the first quarter of 2013, failed to disclose then presently known trends, events or uncertainties associated with the Company’s revenues that were reasonably likely to have a material effect on Orthofix’s future operating results; (e) Orthofix’s disclosure controls and procedures over financial reporting were materially deficient and its representations concerning them during the Class Period, including certifications issued by defendants, were materially false and misleading; and (f) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s financial performance and outlook during the Class Period.
On July 29, 2013, Orthofix issued a press release announcing, among other things, that it was delaying the release of its financial results for the second quarter of 2013 and that additional time was needed to review matters relating to revenue recognition for prior periods. In response to this announcement, on July 29, 2013, the price of Orthofix shares declined from $27.40 per share prior to the announcement to $22.71 per share, or a drop of 17%, on July 30, 2013, on extremely heavy trading volume. Then, on August 6, 2013, Orthofix issued a press release stating that it would restate its financial statements for fiscal years 2011 and 2012 and the first quarter of 2013.
Plaintiff seeks to recover damages on behalf of all purchasers of Orthofix common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller represents U.S. and international institutional investors in contingency-based securities and corporate litigation. With nearly 200 lawyers in nine offices, the firm represents hundreds of public and multi-employer pension funds with combined assets under management in excess of $2 trillion. The firm has obtained many of the largest recoveries and has been ranked number one in the number of shareholder class action recoveries in MSCI’s Top SCAS 50 every year since 2003. Please visit http://www.rgrdlaw.com for more information.