RTIX Deadline approaching in the Class Action Lawsuit Against of RTI Surgical Holdings, Inc. for investors who suffered losses
LOS ANGELES, April 08, 2020 (GLOBE NEWSWIRE) — 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 join the action here, or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email email@example.com 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.
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. Follow us for updates on LinkedIn, Twitter, or Facebook.
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 310-801-2829, by email to firstname.lastname@example.org, 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. Click here to join the RTIX class action.
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|Case Data Byte|
|Law Firm||Glancy Prongay & Murray LLP|
|Company Name||RTI Surgical|
|Class Period||March 7, 2016 and March 16, 2020|
|Lead Plaintiff Motion Deadline||May 22, 2020|
|Contact Attorney||Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067|
|Case Summary||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.”|
|About the Company||The company was founded by Matthew Songer, and its first major product was the Songer Cable, used in spine surgeries. The Songer Cable was featured in the book, Contemporary Management of Spinal Cord Injuries. Pioneer Surgical later developed products in the spine, biologics, orthopedics, and cardio-thoracic markets. Michigan Governor Jennifer Granholm visited Pioneer in 2005 and cited Pioneer as an example of job creation in the Upper Peninsula. In 2007, Pioneer acquired Angstrom Medica, a Massachusetts-based medical company focused on nanotechnology and Encelle, A North Carolina-based company researching and developing tissue regeneration products. Pioneer was acquired in July 2013 by RTI Biologics, and the firm was then renamed RTI (“ready to implant”) Surgical.|