Lieff Cabraser Announces Class Action Litigation Against Orthofix International N.V. - OFIX
Lieff Cabraser Announces Class Action Litigation Against Orthofix International N.V. - OFIX
SAN FRANCISCO--(BUSINESS WIRE)-- The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of purchasers of the common stock of Orthofix International N.V. ("Orthofix" or the "Company") (NasdaqGS: OFIX) between May 5, 2011 and July 29, 2013, inclusive (the "Class Period").
If you purchased the common stock of Orthofix during the Class Period, you may move the Court for appointment as lead plaintiff by no later than October 15, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Orthofix investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Orthofix Securities Class Litigation
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 complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding Orthofix's financial performance and future prospects. In particular, defendants misrepresented or failed to disclose that: (a) Orthofix improperly recognized certain revenues in 2011 and 2012; (b) Orthofix's previously issued consolidated financial statements for 2011 and 2012 and for the first quarter of 2013 were materially false and misleading; and (c) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about Orthofix's financial performance and outlook during the Class Period.
On July 29, 2013, Orthofix issued a press release announcing that it would be postponing the release of its financial results for the second quarter of 2013 and that its Audit Committee had commenced a review of matters relating to revenue recognition for prior periods and had concluded that additional time was needed to conduct the review. Upon this news, the price of Orthofix shares fell from $27.40 per share to $22.94 per share on July 30, 2013, a drop of 16%, on extremely heavy trading volume. Subsequently, on August 6, 2013, Orthofix announced that its Audit Committee had concluded that "certain revenues recognized during 2011 and 2012, upon further evaluation, should not have been recognized or should not have been recognized during the periods in which they were recognized," and, therefore, the Company would need to restate its financial statements for 2011, 2012 and the first quarter of 2013.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. 4Lieff Cabraser is one of only two plaintiffs' law firms in the United States to receive this honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 1-800-541-7358
KEYWORDS: United States North America California
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