According to the law firm press release, the lawsuit alleges throughout the Class Period defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Globus Medical’s relationship with a significant distributor was deteriorating; (2) such deterioration was negatively impacting Globus Medical’s financial performance; and (3) as a result of the foregoing, defendants’ statements about Globus Medical’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
On January 14, 2016, the Court issued an Order appointing Lead Plaintiff and approving Lead Counsel. Lead Plaintiff filed an amended complaint on February 19.
On August 25, 2016, the Court issued an Order granting Defendants' Motion to Dismiss. On September 9, the Court denied a Motion for Reconsideration of the above Order.