SAN FRANCISCO, Dec. 19, 2016 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in Orthofix International N.V. (NASDAQ: OFIX) to the firm's investigation into possible securities law violations.
If you purchased or otherwise acquired securities of OFIX before December 16, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing OFIX@hbsslaw.com.
On December 16, 2016, SeekingAlpha published a contributor's report entitled "Orthofix Poised To Plunge 50% On Undisclosed FDA Issue And Accounting Manipulation." The contributor claims to have spoken with the FDA's department of orthopedics and learned that the FDA is contemplating downwardly classifying OFIX's bone growth stimulators from Class III to Class II.
The contributor's report states this downward classification would foster cheap competition with OFIX products and adversely affect its revenues. The report also highlights possible improper accounting for infrastructure spending, tax provisioning reversals, allowance for doubtful accounts, and excess and obsolete inventory. In response to this news, OFIX's share price has fallen over 8% on large volume during intraday trading on December 16, 2016.
"We're focused on the FDA's potential downgrade and OFIX's recent historical accounting practices in the context of management's statements to investors," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding OFIX should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. 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. For more information, call Reed Kathrein at 510-725-3000 or email OFIX@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm's Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
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SOURCE Hagens Berman Sobol Shapiro LLP