BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased RTI Surgical Holdings, Inc. ("RTI Surgical" or "the Company") (NASDAQ: RTIX) securities between March 7, 2016 and March 16, 2020, inclusive (the “Class Period”). RTI Surgical investors have until May 22, 2020 to file a lead plaintiff motion.
Investors suffering losses on their RTI Surgical investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On March 16, 2020, after the market closed, RTI Surgical disclosed that its Audit Committee was investigating “the Company’s revenue recognition practices regarding the timing of revenue with respect to certain contractual arrangements, primarily with OEM customers, including the accounting treatment, financial reporting and internal controls related to such arrangements.” According to RTI Surgical, the investigation was “precipitated by an ongoing SEC investigation related to the periods 2014 through 2016.”
On this news, the Company's share price fell $0.40, or over 14%, to close at $2.35 per share on March 17, 2020, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose (1) that the Company inappropriately recognized revenues with respect to certain contractual arrangements, including other equipment manufacturer customers; (2) that the Company’s internal controls over financial reporting were not effective; (3) that as a result, the Company would be forced to delay the filing of its Form 10-K; (4) as a result of the foregoing, RTI Surgical’s public statements were materially false and misleading at all relevant times.
If you purchased RTI Surgical securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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