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 email@example.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. Advertisement