PHILADELPHIA, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities fraud class action lawsuit has been filed against Orthofix Medical, Inc. (“Orthofix” or the “Company”) ( OFIX) on behalf of purchasers of Orthofix securities between October 11, 2022 and September 12, 2023, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired Orthofix securities during the Class Period may, no later than October 21, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015, or Peter Hamner at [email protected] or (215) 875-3048, or CLICK HERE.
Orthofix, headquartered in Lewisville, Texas, is a global spine and orthopedics company that offers biologics, spinal hardware, bone growth therapies, and specialized orthopedic solutions, among other things, to healthcare professionals throughout the world.
According to the lawsuit, throughout the Class Period, Defendants failed to disclose to investors that Orthofix’s management team was engaged in “repeated inappropriate and offensive conduct that violated multiple code of conduct requirements” and was “inconsistent with the Company’s values and culture.” As a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
On September 12, 2023, before the market opened, Orthofix disclosed that its Board’s independent directors made the unanimous decision to terminate for cause Keith Valentine, John Bostjancic, and Patrick Keran from their roles as Chief Executive Officer, Chief Financial Officer, and Chief Legal Officer, respectively. The Board also requested that Mr. Valentine resign from the Board. The Company further disclosed that the decision followed an investigation conducted by independent outside legal counsel and directed and overseen by the Company’s independent directors, and that the Board determined that each of the executives engaged in conduct that “violated multiple code of conduct requirements and was inconsistent with the Company’s values and culture.”
On this news, Orthofix’s stock price fell $5.62 per share, or 30.2%, to close at $13.01 per share on September 12, 2023.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
Peter Hamner
Berger Montague PC
(215) 875-3048
[email protected]
