LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May 22, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of RTI Surgical Holdings, Inc. ("RTI Surgical" or "the Company") (NASDAQ: RTIX) investors who purchased securities between March 7, 2016 and March 16, 2020, inclusive (the “Class Period”).
If you suffered a loss on your RTI Surgical investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email firstname.lastname@example.org or visit our website at www.glancylaw.com to learn more about your rights.
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.
On April 9, 2020, the Company revealed that its financial statements from 2014 through 2019 would be restated because "revenue for certain invoices should have been recognized at a later date than when originally recognized."
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 during the Class Period, you may move the Court no later than May 22, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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