NEW YORK, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Texas on behalf of all persons or entities who purchased or otherwise acquired Orthofix Medical, Inc. (“Orthofix” or the “Company”) (NASDAQ: OFIX) securities between October 11, 2022, and September 12, 2023, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that Defendants failed to disclose that certain of the Company’s management team had engaged in repeated inappropriate and offensive conduct. As the truth about adverse facts concerning the Company’s management team reached the market, the price of Orthofix’s common stock suffered significant declines, harming investors. For example, on September 12, 2023, Orthofix announced the unanimous decision by its Board’s independent directors to terminate and replace the offending members of the Company’s management team. On this news, the Company’s stock declined $5.62 per share, or over 30%, to close at $13.01 per share on September 13, 2023, on unusually heavy volume.
Investors who purchased or otherwise acquired shares of Orthofix should contact the Firm prior to the October 21, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish 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.
Please visit our website at http://www.gme-law.com for more information about the firm.
