WASHINGTON, Oct. 22, 2015 (GLOBE NEWSWIRE) -- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Globus Medical, Inc. ("Globus" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Eastern District of Pennsylvania by another law firm on behalf of purchasers of the common stock of Globus Medical, Inc. (NYSE:GMED) between February 26, 2014 and August 5, 2014, inclusive (the "Class Period").
The complaint alleges that Globus and certain of its officers and directors ("Defendants") misrepresented and/or failed to disclose that: (1) Globus' relationship with a significant distributor was deteriorating; (2) such deterioration was negatively impacting the Company's financial performance; and (3) as a result of the foregoing, Defendants' statements about the Company's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
The claims in this case followed the drop in the price of Globus shares in response to the Company's release of second quarter 2014 results that were below analysts' expectations, and its reduction of sales guidance for the remainder of 2014. The weaker-than-expected sales and the guidance reduction were allegedly due, in large part, to Globus' termination of a relationship with a "significant" distributor early in the second quarter ended June 30, 2014. The price of Globus shares fell from $22.56 to $18.51 on August 6, 2014.
Cohen Milstein encourages all investors who purchased Globus common stock between February 26, 2014 and August 5, 2014, or former employees with information concerning this matter to contact the firm.
If you are a Globus shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than November 30, 2015 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
CONTACT: Steven J. Toll, Esq.
Ryan Marchbank
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com; rmarchbank@cohenmilstein.com
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