RTI Surgical Holdings, Inc.
The law firm of Kirby Mcinerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of those who acquired RTI Surgical Holdings, Inc. (“RTI” or the “Company”) (NASDAQ: RTIX) securities during the period from March 7, 2016 through March 16, 2020 (the “Class Period”). Investors have until May 22, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that RTI failed to disclose that: (i) the Company inappropriately recognized revenues with respect to certain contractual arrangements, including other equipment manufacturer customers; (ii) the Company’s internal controls over financial reporting were not effective; and (iii) as a result, the Company would be forced to delay the filing of its Form 10-K for fiscal year ended December 31, 2019.
On March 16, 2020, RTI announced its would file a Form 12b-25 with the SEC due to its inability to timely file its Form 10-K for the fiscal year ended December 31, 2019. The Company disclosed that the cause of the delay was that its Audit Committee was investigating the Company’s revenue recognition practices.
On this news, RTI shares fell $0.40 per share, or 14.5%, ro close at $2.35 on March 17, 2020.
If you acquired RTI securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.