San Diego, CA -- (ReleaseWire) -- 08/26/2013 -- An investor, who purchased shares of Orthofix International NV (NASDAQ:OFIX) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Orthofix International NV in connection with certain allegedly false and misleading statements made between May 5, 2011 and July 29, 2013
Investors who purchased a significant amount of shares of Orthofix International NV (NASDAQ:OFIX) between May 5, 2011 and July 29, 2013, have certain options and for certain investors are short and strict deadlines running. Deadline: October 14, 2013. Orthofix International NV (NASDAQ:OFIX investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint 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.
Orthofix International NV reported that its annual Total Revenue declined from $470.12 million to $462.32 million while its Net Loss of $1.07 million in 2011 turned into a Net Income of $53.94 million in 2012.
Shares of Orthofix International NV (NASDAQ:OFIX) grew from $30.84 per share in November 2011 to as high as $45.75 per share in September 2012.
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.
Shares of Orthofix International NV declined to $22.04 per share on July 30, 2013.
On August 23, 2013, NASDAQ:OFIX shares closed at $22.60 per share.
Those who purchased shares of Orthofix International NV (NASDAQ:OFIX), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego