The merger of spinal hardware manufacturer Orthofix and SeaSpine followed by an unexpected reshuffle of top company executives in 2023 caused a 30% drop of its common stock significantly harming investors
NEW YORK, August 21, 2024 — Scott+Scott Attorneys at Law LLP, along with The Schall Law Firm as co-counsel and Ward Smith & Hill as of counsel, today filed a securities class action lawsuit in the United States District Court of Texas against the global spine and orthopedics manufacturer Orthofix Medical, Inc. (NASDAQ: OFIX).
The lawsuit alleges that following the merger of Orthofix with SeaSpine in January 2023, and the unexpected reshuffle of the company’s top executives, on September 13, 2023, Orthofix stock tumbled over 30% or $5.62 per share.
“According to our complaint, defendants deceived investors by concealing that Orthofix’s management team was engaged in repeated inappropriate and offensive conduct that violated multiple aspects of the Company’s Code of Conduct. When the truth was revealed, the price of Orthofix stock fell sharply and thousands of shareholders suffered significant financial harm.” Scott+Scott partner Thomas L. Laughlin said.
Investors who wish to apply to be lead plaintiff must file a motion on their behalf with the U.S. District Court for the Eastern District of Texas no later than October 21, 2024.
The case is: Bernal v. Orthofix Medical Inc., et al. (Case No. 2:24-cv-00690)