NEW YORK, NY / ACCESSWIRE / October 13, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Orthofix Medical Inc. ("Orthofix" or the "Company") (NASDAQ:OFIX). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.comor 888-476-6529, ext. 7980.
The investigation concerns whether Orthofix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On September 12, 2023, Orthofix issued a press release announcing leadership changes, including the appointment of an Interim Chief Executive Officer, Interim Chief Financial Officer, and Interim Chief Legal Officer. The press release stated that "[t]he appointments are effective immediately and follow the unanimous decision by the Board's independent directors to terminate for cause Keith Valentine, John Bostjancic and Patrick Keran from those respective roles. The Board also requested that Mr. Valentine resign from the Board." Orthofix further stated that "[t]he Board's decision follows an investigation conducted by independent outside legal counsel and directed and overseen by the Company's independent directors. As a result of the investigation, the Board determined that each of these executives engaged in repeated inappropriate and offensive conduct that violated multiple code of conduct requirements and was inconsistent with the Company's values and culture."
On this news, Orthofix's stock price fell $5.62 per share, or 30.17%, to close at $13.01 per share on September 12, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
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SOURCE: Pomerantz LLP
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