Shareholder rights law firm Robbins LLP announces that it is investigating RTI Surgical Holdings, Inc. (NASDAQ: RTIX) for alleged violations of the Securities Exchange Act of 1934 and whether the Company's officers and directors breached their fiduciary duties to shareholders. RTI is a surgical implant company that designs, develops, manufactures, and distributes biologic, metal, and synthetic implants worldwide.
If you suffered a loss as a result of RTI's misconduct, click here.
RTI Surgical Holdings, Inc. (RTIX) Reveals SEC Investigation of its Accounting Practices
In January 2018, RTI assured investors that its revenue recognition after adopting the new amended accounting standards implemented by the Financial Accounting Standards Board in 2016 was "substantially consistent with the Company's current revenue recognition policies" and RTI did not expect a material impact on its financial position when recognizing revenue from its current contracts with the new standard. However, on March 16, 2020, RTI announced that it would be unable to timely file its Form 10-K for fiscal year 2019, citing an internal investigation of the Company's revenue recognition practices by its Audit Committee. RTI disclosed that its internal investigation had been precipitated by an SEC investigation related to the periods 2014 through 2016. On this news, shares of RTI fell over 14% to close at $2.35. The stock continues to decline.
RTI Surgical Holdings, Inc. (RTIX) Shareholders Have Legal Options
Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsllp.com
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Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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