Newman Ferrara LLP Announces Investigation of Orthofix International N.V.
Newman Ferrara LLP Announces Investigation of Orthofix International N.V.
NEW YORK--(BUSINESS WIRE)-- Newman Ferrara LLP is conducting an investigation on behalf of shareholders of Orthofix International N.V. ("Orthofix") (Nasdaq) (OFIX) into potential violations of federal securities laws and breaches of fiduciary duty by Orthofix and certain of its executive officers and directors.
On July 29, 2013, Orthofix announced that it is postponing the release of its financial results for the second quarter 2013 as a result of potential revenue recognition issues that may have caused Orthofix to issue inaccurate financial statements. Orthofix also announced that its Audit Committee had commenced an investigation into Orthofix's revenue recognition practices with the assistance of outside professionals. Orthofix stated that it cannot predict the length of time or outcome of the investigation and as a result of the investigation, Orthofix is not providing annual or quarterly guidance for 2013.
This news caused shares of Orthofix stock to drop $4.46 per share, over 16% of its value, to a closing price of $22.94 per share on January 30, 2013.
Investors who purchased shares of Orthofix common stock between July 26, 2012 and July 29, 2013 may contact Newman Ferrara attorneys Jeffrey M. Norton (jnorton@nfllp.com) and Roy Shimon (rshimon@nfllp.com) by email or call (212) 619-5400 to discuss this investigation and their rights as Orthofix shareholders.
Whistleblowers: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.
Newman Ferrara LLP
Jeffrey M. Norton
Roy Shimon
Tel. 212.619.5400
1250 Broadway, 27th Fl.
New York, NY 10001
KEYWORDS: United States North America New York
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