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. ( firstname.lastname@example.org), toll free at 877-694-9510, or via cell phone 330-860-4092, or KSF Managing Partner, Lewis Kahn ( email@example.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.