Orthofix Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor LLP Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
DALLAS--(BUSINESS WIRE)-- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Orthofix International N.V. ("Orthofix" or "Company") (NasdaqGS: OFIX) and several of its officers and directors for acts taken place during the period of May 5, 2011 to July 29, 2013 (the "Class Period").
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Orthofix. If you are an affected Orthofix shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zach Groover at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at email@example.com. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants misrepresented and/or failed to disclose that, among other things: (a) certain revenues recognized during 2011 and 2012 should not have been recognized or should not have been recognized during the periods in which they were recognized; (b) Orthofix's previously issued consolidated financial statements as of and for the fiscal years ended December 31, 2011 and December 31, 2012, as well as for the interim quarterly period ended March 31, 2013, should not be relied upon; (c) Orthofix's financial statements during 2011, 2012, and the first quarter of 2013 were materially false and misleading by violating Generally Accepted Accounting Principles and the Company's publicly disclosed policy of revenue recognition; (d) Orthofix's Forms 10-Q and 10-K for fiscal years 2011 and 2012, as well as for the first quarter of 2013 failed to disclose then presently known trends, events or uncertainties associated with Orthofix's revenues that were reasonably likely to have a material effect on the Company's future operating results; (e) Orthofix's disclosure controls and its disclosure controls and procedures over financial reporting were materially deficient and its representation concerning them during the Class Period, including certifications issued by Defendants, were materially false and misleading; and (f) as a result of the above, Defendants lacked a reasonable basis for their positive statements about Orthofix's financial performance and outlook during the Class Period. According to the complaint, when these facts were finally revealed to the market, Orthofix's shares dropped dramatically.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
KEYWORDS: United States North America Texas
The article Orthofix Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor LLP Investigate Possible Breaches of Fiduciary Duty by Officers and Directors 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.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.