A federal judge has granted preliminary approval to an $11 million cash settlement achieved by Plumbers and Pipefitters National Pension Fund, which served as Lead Plaintiff in the case. The proposed settlement was reached with defendants Orthofix International N.V. and three of its former officers, Robert S. Vaters, Brian McCollum, and Emily Buxton.
Subject to final Court approval, the proposed settlement preliminarily approved by Judge John G. Koeltl of the United States District Court for the Southern District of New York on Monday, December 21, will resolve securities fraud claims asserted under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by the Plumbers and Pipefitters National Pension Fund against the defendants for alleged material misrepresentations and omissions concerning the company’s financial statements.
The proposed $11 million cash settlement will, subject to final Court approval, benefit a class of persons and entities who purchased Orthofix International N.V. common stock between March 2, 2010 and July 29, 2013. In the order issued on December 21, Judge Koeltl authorized notice of the proposed settlement to be issued to class members.
A court hearing will be held on April 28, 2016, to determine, among other matters, whether the proposed settlement should be given final approval and any request by Lead Counsel, Cohen Milstein Sellers & Toll PLLC, for attorneys’ fees and expenses.
Lead Plaintiff and the Class are represented by Daniel S. Sommers, Carol V. Gilden, S. Douglas Bunch, and Genevieve Fontan, all of Cohen Milstein.