SAN DIEGO, Aug. 22, 2024 (GLOBE NEWSWIRE) — Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Orthofix Medical Inc. (NASDAQ: OFIX) stock between October 11, 2022 and September 12, 2023. Orthofix is a global spine and orthopedics company that offers biologics, spinal hardware, bone growth therapies, and specialized orthopedic solutions, among other things, to healthcare professionals throughout the world.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Orthofix Medical Inc. (OFIX) Misled Investors Regarding its Leadership Team
According to the complaint, during the class period, defendants assured investors that the Company’s management team consisted of individuals committed to conducting business in accordance with the highest ethical and legal standards, and further, that these individuals believed in and fostered a strong performance-based culture focused on integrity, collaboration, innovation, diversity, and corporate responsibility. In fact, as was later revealed, Orthofix’s management team was engaged in “repeated inappropriate and offensive conduct that violated multiple code of conduct requirements,” which was also “inconsistent with the Company’s values and culture.”
Plaintiff alleges that on September 12, 2023, defendants announced the appointment of an interim CEO, interim CFO, and interim CLO, effective immediately, following the “unanimous decision by the Board’s independent directors to terminate for cause Keith Valentine, John Bostjancic and Patrick Keran from those respective roles.” On this news, the Company’s stock declined $5.62 per share, or over 30%, to close at $13.01 per share on September 13, 2023,
What Now: You may be eligible to participate in the class action against Orthofix Medical Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by October 21, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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