Orthofix Medical Inc.
|Company Name||Orthofix Medical Inc.|
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 share price fell $5.62, or 30.2%, to close at $13.01 per share on September 12, 2023, thereby injuring investors.
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