| COMPANY |
Orthofix Medical, Inc. |
| COURT |
United States District Court for the Eastern District of Texas |
| CASE NUMBER |
24-cv-00690 |
| JUDGE |
The Hon. James Rodney Gilstrap |
| CLASS PERIOD |
October 11, 2022, through September 12, 2023 |
| SECURITY TYPE |
Common Stock |
LEAD PLAINTIFF DEADLINE IS OCTOBER 21, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
On October 11, 2022, Orthofix and SeaSpine Holdings Corporation (“SeaSpine”), announced that they entered into a definitive agreement to combine in an all-stock merger (the “Merger”), with Orthofix being the surviving company. According to the announcement, SeaSpine’s President and CEO, would serve as President and CEO and be appointed to the Board of Directors of the combined company.
On November 1, 2022, Orthofix and SeaSpine, announced that, upon the completion of the Merger, SeaSpine’s CFO and COO, and SeaSpine’s Senior Vice President and General Counsel, would serve as CFO and Chief Legal Officer of the combined company, respectively. On January 4, 2023, Orthofix and SeaSpine announced the successful completion of the Merger.
The complaint alleges that, during the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) 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”; and (2) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On September 12, 2023, Orthofix announced, effective immediately, the appointment of an interim CEO, interim CFO and interim Chief Legal Officer, and the termination of the previously appointed and aforementioned executive officers, following an investigation that determined the “executives engaged in repeated inappropriate and offensive conduct that violated multiple code of conduct requirements and was inconsistent with the Company’s values and culture.” On this news, the price of Orthofix common stock declined $5.62 per share, or over 30%, from a close of $18.63 per share on September 11, 2023, to close at $13.01 per share on September 12, 2023.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.