NEW YORK, Aug. 16, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the common stock of Orthofix International N.V. ("Orthofix" or the "Company") (Nasdaq: OFIX ) between May 5, 2011 and July 29, 2013 ("Class Period"), seeking remedies under the federal securities laws.
The Complaint alleges that Defendants failed to disclose to the investing public that: (i) certain revenues recognized during 2011 and 2012 should not have been recognized; (ii) the Company's previously issued consolidated financial statements for the fiscal year ended December 31, 2011 and December 31, 2012, as well as for the interim quarterly period ended March 31, 2013, should not be relied upon; (iii) the Company's financial statements during 2011, 2012, and the first quarter of 2013 were materially false and misleading by violating Generally Accepted Accounting Principles; (iv) the Company's Forms 10-Q and 10-K for fiscal years 2011 and 2012 (as well as interim quarterly periods within such years), as well as for the first quarter of 2013 failed to disclose previously known trends, events or uncertainties associated with the Company's revenues that were reasonably likely to have a material effect on Orthofix's future operating results; (v) the Company's disclosure controls and procedures over financial reporting were materially deficient; and (vi) Defendants lacked a reasonable basis for their positive statements about the Company's financial performance and outlook during the Class Period.
If you wish to serve as lead plaintiff, you must move the Court no later than October 14, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com .
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Thomas J. McKenna, Esq. Gregory M. Egleston, Esq. Gainey McKenna & Egleston (212) 983-1300
