The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Orthofix Medical Inc. (OFIX) Investors

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 Orthofix Medical Inc. (“Orthofix” or the “Company”) (NASDAQ: OFIX) common stock between October 11, 2022 and September 12, 2023, inclusive (the “Class Period”). Orthofix investors have until October 21, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On September 12, 2023, before the market opened, Orthofix disclosed that its Board’s independent directors made the unanimous decision to terminate for cause Keith Valentine, John Bostjancic and Patrick Keran from their roles as Chief Executive Officer, Chief Financial Officer, and Chief Legal Officer, respectively. The Board also requested that Mr. Valentine resign from the Board. The Company further disclosed that the decision followed an investigation conducted by independent outside legal counsel and directed and overseen by the Company’s independent directors, and that the Board determined that each of the executives engaged in conduct that “violated multiple code of conduct requirements and was inconsistent with the Company’s values and culture.”

On this news, Orthofix’s stock price fell $5.62, or 30.2%, to close at $13.01 per share on September 12, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Orthofix’s management team was engaged in “repeated inappropriate and offensive conduct that violated multiple code of conduct requirements,” which was also “inconsistent with the Company’s values and culture”; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Orthofix common stock during the Class Period, you may move the Court no later than October 21, 2024 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 Orthofix common stock, 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, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], 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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