Morgan & Morgan Announces that a Securities Class Action Lawsuit Has Been Filed Against Orthofix International N.V.
NEW YORK, Aug. 21, 2013 /PRNewswire/ -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Orthofix International N.V. ("Orthofix") (OFIX) between May 5, 2011 and July 29, 2013, inclusive (the "Class Period").
If you purchased Orthofix during the Class Period, you may, no later than October 14, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that during the Class Period, Orthofix and its executives violated federal securities laws regarding its disclosures concerning business, operational, and compliance policies. Specifically, the action alleges that: (i) certain revenues should not have been recognized during 2011 and 2012; and as a result (ii) Orthofix issued materially false and misleading financial statements.
On July 29, 2013, Orthofix announced that it was postponing the release of its financial results for the second quarter of 2013 and its previously announced conference call. Orthofix explained that additional time was needed to review matters relating to revenue recognition practices for prior periods, and the Audit Committee, along with help from outside professionals, had commenced an internal investigation into these issues. Following this news, on July 30, 2013, Orthofix's stock dropped $4.46 or 16.28% to close at $22.94.
On August 6, 2013, Orthofix issued a press release stating that it will restate several past financial statements.
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Morgan & Morgan
Peter Safirstein, Esq.
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New York, NY 10036
SOURCE Morgan & Morgan