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OFIX.US
id: 930
Orthofix Medical (OFIX) Officers Firings Case
E.D. Texas
Court2:24-cv-00690
Case number10/11/2022
Class period Start09/12/2023
Class period End10/21/2024
Lead Plaintiff motion deadline- $OFIX stockholders filed a claim against Orthofix for concealing issues with its management team.
- On it, $OFIX fell 30%, losing $200M+ of shareholder value.
- Orthofix investors can join this case to be notified about potential recovery.
Case Details:
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.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
09/12/2023
Filing date
08/21/2024
Lead Plaintiff Deadline
10/21/2024
Judge
Hon. Rodney Gilstrap