Hagens Berman Advises Investors of Deadline in Orthofix Class Action and Continuing Investigation
BERKELEY, Calif.--(BUSINESS WIRE)-- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, advises investors of the Oct. 14th deadline to move to be a lead plaintiff in the lawsuit against Orthofix International N.V. (NAS: OFIX) and certain of its executives for securities fraud. Investors can inquire about this issue with Hagens Berman attorneys by emailing OFIX@hbsslaw.com.
The lawsuit, filed on Aug. 14, 2013, identifies a proposed class of investors who purchased OFIX common stock between May 5, 2011 and July 29, 2013 (the "Class Period"). If you purchased OFIX common stock during that period and suffered significant financial losses, you may contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation by calling (510) 725-3000. You can submit information online at http://www.hb-securities.com/investigations/Orthofix.
The deadline to move for the position of lead plaintiff in the case is Oct. 14, 2013.
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.
"We are particularly interested in what Orthofix knew when its senior executives resigned from their key positions earlier this year," said Hagens Berman Partner Reed Kathrein. "The timing and abruptness of those resignations, along with the subsequent restatement, indicates that something was known to be amiss by the Board as early as March."
Hagens Berman reminds whistleblowers with inside information that rewards may be available to individuals who report information leading to a successful enforcement action by the Securities and Exchange Commission. 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. 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 law blog is at http://www.meaningfuldisclosure.com.
Firmani + Associates
Mark Firmani, 206-443-9357
KEYWORDS: United States North America California Washington
The article Hagens Berman Advises Investors of Deadline in Orthofix Class Action and Continuing Investigation originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.