Robbins Umeda LLP Announces Investigation of Alphatec Holdings, Inc.
13 August 2010 - 1:23AM
Business Wire
Robbins Umeda LLP has commenced an investigation into possible
breaches of fiduciary duty and other violations of the law by
certain officers and directors at Alphatec Holdings, Inc.
("Alphatec" or the "Company") (NASDAQ: ATEC). Alphatec is the
parent company of Alphatec Spine, Inc., a medical device company
that engages in the design, development, manufacture, and marketing
of products for the surgical treatment of spine disorders. The
Company was founded in 1990 and is headquartered in Carlsbad,
CA.
Robbins Umeda LLP's investigation concerns whether the Company's
directors and officers breached their fiduciary duty to Alphatec by
causing it to acquire Scient'x Groupe SAS ("Scient'x") and
overstating the positive impact of this acquisition on the
Company.
On December 17, 2009, the Company announced that it was going to
acquire Scient'x, a company owned by Alphatec's largest
shareholder. Alphatec then released positive revenue and income
projections for the Company for 2010. As an apparent result of
their announcement, the Company's stock rose 8%. Alphatec continued
to release positive projections for the Company in February, April
and May of 2010. The acquisition of Scient'x closed on March 26,
2010, at which time Alphatec announced a public offering that
closed on April 21, 2010. During this public offering, the
Company's largest shareholder sold 9.2 million shares of Alphatec
stock.
Then, on August 5, 2010, Alphatec announced disappointing
quarterly results for the second quarter of 2010, an extreme
revision of the previous positive projections. As an apparent
result of this announcement, the price of Alphatec's shares fell
46%.
If you are a shareholder of Alphatec, plan to continue to hold
your shares, and would like more information about your rights as a
shareholder, please contact attorney Gregory E. Del Gaizo at
800-350-6003 or by e-mail at info@robbinsumeda.com.
Robbins Umeda LLP is a California-based law firm, which has
significant experience representing investors in shareholder
derivative actions, securities fraud class actions, and
merger-related shareholder class actions. For more information
about the firm, please go to http://www.robbinsumeda.com.
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