STEVENSON, Md., Aug. 15, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Orthofix International N.V. ("Orthofix" or the "Company") (Nasdaq:OFIX) common stock during the period between May 5, 2011 and July 29, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Orthofix International N.V. common stock purchased on or after May 5, 2011, and held through the revelation of negative information on July 29, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 14, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period 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, and that Orthofix's previously issued consolidated financial statements 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 quarterly period ended March 31, 2013, should not be relied upon. According to the Complaint, following the Company's July 29, 2013 disclosure that it was delaying the release of its financial results for the second quarter of 2013 and that additional time was needed to review matters relating to revenue recognition for prior periods, the value of Orthofix shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
Stevenson, Maryland
410/415-6616
hoffman@browerpiven.com
