LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 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.
If you are a shareholder who suffered a loss, click here to participate.
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.
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If you purchased RTI Surgical securities during the Class Period, you may move the Court no later than May 22, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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