Kahn Swick & Foti, LLC and Former Attorney General of Louisiana Announce Investigation Into Alphatec Holdings Inc. – ATEC
09 August 2010 - 11:34PM
Business Wire
The law firm of Kahn Swick & Foti, LLC (“KSF”) and KSF
partner, former Attorney General of Louisiana, Charles C. Foti,
Jr., announce the commencement of an investigation into Alphatec
Holdings Inc. ("ATEC" or the "Company") (Nasdaq: ATEC) to
determine whether it has violated federal securities laws by
issuing false and misleading statements to its shareholders.
Shares of Alphatec Holdings Inc. plunged to a 52-week low Friday
after the spinal device maker said sales are slowing down, and
slashed its expectations for the rest of the year. In morning
trading, Alphatec shares dove $1.91, or 43.2 percent, to $2.51.
Earlier, they fell to an annual low of $2.44.
Earlier this year, Alphatec, which focuses on treating
conditions related to the aging spine, bought privately held French
spinal implant firm Scient'x Groupe SAS for $116.4 million, to
increase its scale and global presence.
As reported by Reuters on August 6, 2010, "The synergies on the
sales side and the cost reductions they thought they would see by
combining the two businesses were taking much longer than they
realized," Jefferies & Co. analyst Raj Denhoy told Reuters.
More, Denhoy, who cut the price target on the stock to $5.00 from
$8.00, said the discontinuation of a Japanese distributor that
wasn't previously communicated was also an issue faced by the
company in the quarter.
If you have information that would assist KSF in its
investigation, or would like to discuss your legal rights, you may,
without obligation or cost to you, e-mail or call KSF Director of
Client Relations, Neil Rothstein, Esq.
(neil.rothstein@ksfcounsel.com), toll free at 877-694-9510, or via
cell phone 330-860-4092, or KSF Managing Partner, Lewis Kahn
(lewis.kahn@ksfcounsel.com), toll free 1-866-467-1400, ext. 200,
after hours via cell phone 504-301-7900. KSF attorneys have
significant experience in representing both institutional and
individual shareholders in securities fraud litigation nationwide.
KSF encourages both institutional and individual purchasers of ATEC
to contact the firm to discuss the investigation.
For more information on KSF, please
visit www.ksfcounsel.com.
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