NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of investors that purchased RTI Surgical Holdings, Inc. (NASDAQ: RTIX) securities between March 7, 2016 and March 16, 2020 (the “Class Period”). Investors have until May 22, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On March 16, 2020, RTI announced in a press release that it would file a Form 12b-25 with SEC due to its inability to timely file its Form 10-K for the fiscal year ended December 31, 2019. The Company disclosed that the cause of the delay was that its Audit Committee was investigating the Company’s revenue recognition practices.
On this news, RTI’s shares fell $0.40 per share or over 14.55% to close at $2.35 per share on March 17, 2020.
The complaint, filed on March 23, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company inappropriately recognized revenues with respect to certain contractual arrangements, including other equipment manufacturer customers; (2) the Company’s internal controls over financial reporting were not effective; (3) as a result, the Company would be forced to delay the filing of its Form 10-K for fiscal year ended December 31, 2019; and (4) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased RTI Surgical securities during the Class Period, are a long-term stockholder, have information, 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 Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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