NEW YORK, Aug. 16, 2013 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Orthofix International N.V. ("Orthofix" or the "Company") (Nasdaq:OFIX) of the October 15, 2013 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain executives.
A complaint has been filed on behalf of all persons who purchased Orthofix common stock between May 5, 2011 and July 29, 2013 (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning business, operational, and compliance policies. Specifically, the action alleges that: (i) certain revenues should not have been recognized during 2011 and 2012; and as a result (ii) the Company issued materially false and misleading financial statements during the Class Period.
On July 29, 2013, Orthofix announced that it was postponing the release of its financial results for the second quarter of 2013 and its previously announced conference call. The Company explained that additional time was needed to review matters relating to revenue recognition practices for prior periods, and the Audit Committee, along with help from outside professionals, had commenced an internal investigation into these issues.
Following this news, on July 30, 2013, Orthofix's stock dropped $4.46 or 16.28% to close at $22.94. Further, on August 6, 2013, the Company announced that it would restate financial statements for fiscal years 2011 and 2012 and the first quarter of 2013.
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If you invested in Orthofix stock or options between May 5, 2011 and July 29, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/OFIX. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Orthofix's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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CONTACT: FARUQI & FARUQI, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. firstname.lastname@example.org Francis McConville, Esq. email@example.com Telephone: (877) 247-4292 or (212) 983-9330Source:Faruqi & Faruqi LLP