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id: 930, Created by Stan Vick, Scout
Orthofix (OFIX) Officers Firings Case
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- In Sep, Orthofix fired key officers for misconduct after an internal investigation.
- On it, $OFIX fell 30%, losing $200M+ of shareholder value.
- Investors may have grounds to suspect Orthofix of failing to timely disclose setbacks in internal controls, which led to their losses.
On September 12, 2023, Orthofix (OFIX) disclosed that its Board’s independent directors made the unanimous decision to terminate for cause Keith Valentine, John Bostjancic, and Patrick Keran from their roles as CEO, CFO, and CLO, respectively.
- The Board also requested that Mr. Valentine resign from the Board.
- Orthofix further disclosed that the decision followed an investigation conducted by independent outside legal counsel and directed and overseen by the Company’s independent directors.
- The BoD determined that each of these executives violated the code of conduct and was inconsistent with the Company’s values and culture.
On this news, $OFIX fell 30.2% and lost over $206 million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect that Orthofix and its executives were involved in unlawful business practices and failed to timely disclose setbacks in internal controls, which consequently led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
12 September 2023