BERKELEY, Calif.--(BUSINESS WIRE)--Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds investors of the Oct. 15, 2013, deadline to move to be a lead plaintiff in the lawsuit against Orthofix International N.V. (NASDAQ: OFIX) and certain of its executives for securities fraud. Investors are invited to inquire with Hagens Berman attorneys about the matter by emailing OFIX@hbsslaw.com.
“Earlier this year, even before announcing restatements, Orthofix senior executives abruptly resigned from key positions. We look forward to talking to persons who have information about what Orthofix knew.”
Investors who purchased OFIX common stock between May 5, 2011, and July 29, 2013 (the “Class Period”), and suffered significant financial losses may choose to move to be a lead plaintiff. Contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling (510) 725-3000 for more information. You can submit information online at http://www.hb-securities.com/investigations/Orthofix.
Orthofix announced on July 29, 2013, that it would delay releasing its financial results for Q2 2013, stating that the delay would allow the company to review issues relating to revenue recognition. Following the announcement, the company’s stock price dropped 17 percent.
The company later announced it would restate financial results for 2011, 2012 and Q1 2013.
The lawsuit alleges that the company failed to disclose key information to investors in advance of the July 29, 2013, announcement. Specifically, the complaint argues that Orthofix failed to disclose that some revenues were incorrectly recognized during 2011 and 2012, and thus, its communications to investors were, in part, false.
“It seems as if Orthofix knew more than it initially let on,” said Hagens Berman Partner Reed Kathrein. “Earlier this year, even before announcing restatements, Orthofix senior executives abruptly resigned from key positions. We look forward to talking to persons who have information about what Orthofix knew.”
Persons with non-public information may want to consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
Hagens Berman Sobol Shapiro, LLP is an investor-rights class-action law firm with offices in nine cities including the San Francisco Bay Area where this lawsuit has been filed. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The Firm’s Securities Newsletter is at http://www.hb-securities.com/newsletter.