Case Page

 

Case Status:    DISMISSED    
On or around 05/07/2013 (Other)

Filing Date: August 10, 2010

According to a press release dated August 12, 2010, the lawsuit alleges, among other things, that Alphatec overstated the positive impact its acquisition of Scient’x, S.A. would have on its earnings and revenue. According to the lawsuit, the Company was motivated to artificially inflate its stock price in order to obtain a higher price in a secondary stock offering that closed on April 21, 2010. The lawsuit further alleges that on August 5, 2010, the Company dramatically lowered its projected financial results causing Alphatec’s stock price to fall 46 percent in heavy trading.

On January 19, 2011, Judge Roger T. Benitez granted the motion to appoint the Fresno County Employees' Retirement Association as lead plaintiff and approved its selection of Cohen Milstein Sellers & Toll PLLC as lead counsel.

On February 17, 2011, the lead plaintiff filed an Amended Class Action Complaint naming company directors and company underwriters as additional named defendants in the action. According to the Amended Class Action Complaint, this is a class action on behalf of purchasers of the common stock of Alphatec. Lead Plaintiff seeks remedies (1) under the Securities Act of 1933 (the “Securities Act”) on behalf of all those who purchased or otherwise acquired Alphatec common stock issued pursuant or traceable to the February 12, 2010 Registration Statement and April 16, 2010 Prospectus incorporated therein and were damaged thereby; and (2) under the Securities Exchange Act of 1934 (the “Exchange Act”) on behalf of all those who purchased or otherwise acquired the common stock of Alphatec between April 16, 2010 and August 5, 2010, inclusive (the “Class Period”). On February 24, 2011, the lead plaintiffs filed a Corrected Amended Class Action Complaint.

The defendants filed three motions to dismiss the Corrected Amended Class Action Complaint on April 18, 2011.

On March 21, 2012, the Court entered an Order granting defendants' Motions to Dismiss with Leave to Amend. Plaintiffs filed a Second Amended Class Action Complaint on April 19, 2012.

On March 28, 2013, the Court dismissed this case with prejudice due to the plaintiffs not adequately alleging a material misrepresentation or omission. Accordingly, the plaintiffs have failed to state a claim for §§ 11 or 12(a)(2) of the Securities Act upon which relief can be granted. On the same day a judgment was entered by the clerk closing the case.

On April 17, 2013, the Court issued a notice that lead plaintiff appeals to the United States Court of Appeals for the Ninth Circuit from the orders granting Defendants’ motions to dismiss entered in this action on March 22, 2012 and March 28, 2013.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ATEC
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. California
DOCKET #: 10-CV-01673
JUDGE: Hon. Roger T. Benitez
DATE FILED: 08/10/2010
CLASS PERIOD START: 12/18/2009
CLASS PERIOD END: 08/05/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of David N. Lake
    16130 Ventura Boulevard, Suite 650, Law Offices of David N. Lake, CA 91436
    818.788.5100 818.788.5100 ·
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 10-CV-01673
JUDGE: Hon. Roger T. Benitez
DATE FILED: 02/22/2011
CLASS PERIOD START: 04/16/2010
CLASS PERIOD END: 08/05/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Washington DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen Milstein Sellers & Toll PLLC (Washington DC), DC 20005
    202.408.4600 202.408.4600 ·
  2. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
No Document Title Filing Date