A Deadline is coming up on October 14, 2013in lawsuit for investors in Orthofix International NV (NASDAQ:OFIX) and NASDAQ:OFIX stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 10/09/2013 -- A deadline is coming up on October 14, 2013 in the lawsuit filed for investors of Orthofix International NV (NASDAQ:OFIX) over alleged securities laws violations by Orthofix International.
Investors with a substantial investment in Orthofix International NV (NASDAQ:OFIX) shares between May 5, 2011 and July 29, 2013, should get active before the Deadline that is coming up on October 14, 2013, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers of Orthofix International NV (NASDAQ:OFIX) common stock during the period between May 5, 2011 and July 29, 2013, that Orthofix International NV and certain of its officers violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that defendants misrepresented or failed to disclose the following adverse facts, which were known to defendants or recklessly disregarded by them that 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, that 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 the interim quarterly periods within such years), and for the interim quarterly period ended March 31, 2013, should not be relied upon, that Orthofix's financial statements during 2011, 2012, and the first quarter of 2013 were materially false and misleading and violated generally accepted accounting principles and Orthofix's publicly disclosed policy of revenue recognition, that 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 the Company's revenues that were reasonably likely to have a material effect on Orthofix's future operating results, that Orthofix's disclosure controls and procedures over financial reporting were materially deficient and its representations concerning them between May 5, 2011 and July 29, 2013, including certifications issued by defendants, were materially false and misleading; and that as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's financial performance and outlook between May 5, 2011 and July 29, 2013.
On July 29, 2013, Orthofix International NV announced that it is postponing the release of its financial results for the second quarter 2013 and its previously announced conference call to discuss such results, including management’s Business Analysis and Key Strategic Initiatives Update, originally scheduled for July 31, 2013. Orthofix International NV stated that the Audit Committee of its Board of Directors, on the recommendation of management, and after discussion with the Company’s independent auditors, concluded that additional time is needed to review matters relating to revenue recognition for prior periods.
On October 7, 2013, NASDAQ:OFIX shares closed at $20.19 per share.
Those who purchased shares of Orthofix International NV have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego