LEWISVILLE, Texas--(BUSINESS WIRE)--
Orthofix International N.V., (NASDAQ:OFIX) (the Company) commented today
on the federal court rejection of the previously signed plea agreement
between the Department of Justice and Orthofix Inc., a subsidiary of the
Company, to resolve the bone growth stimulation criminal investigation.
As matter of law, a federal court must determine whether there is a
factual basis for a criminal plea offered by a defendant and, if it
accepts the plea, will then impose its sentence. Federal Rule of
Criminal Procedure 11(c)(1)(C) allows criminal defendants to agree with
the government, before offering a plea, on a recommended sentence, which
becomes binding on the court if it accepts the plea. Orthofix Inc., like
other corporate defendants, had previously entered into such an
agreement as part of the resolution of the government's investigation.
"The Company and the government stand behind their agreements and
continue to discuss a resolution of the matter following the court's
rejection of the plea," said President and Chief Executive Officer
Robert Vaters. "We remain confident that this matter will be resolved
amicably and in a manner that is in the best interests of our
shareholders."
Forward-Looking Statements:
This communication contains certain forward-looking statements under the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements, which may include, but are not limited to, statements
concerning the projections, financial condition, results of operations
and businesses of Orthofix and its subsidiaries and are based on
management's current expectations and estimates and involve risks and
uncertainties that could cause actual results or outcomes to differ
materially from those contemplated by the forward-looking statements.
The forward-looking statements in this release do not constitute
guarantees or promises of future performance. Existing and prospective
investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. The
Company undertakes no obligation to update or revise the information
contained in this press release (which contains information current as
of the date hereof, whether as a result of new information, future
events or circumstances, or otherwise.
The Company cannot predict the timing or outcome of ongoing litigation
matters and governmental investigations of our businesses which could
result in civil or criminal liability or findings of violations of law
(as further described in the "Legal Proceedings" sections of our annual
report on Form 10-K and quarterly reports on Form 10-Q), that could
materially impact our financial position and/or liquidity.
About Orthofix:
Orthofix International N.V. is a diversified, global medical device
company focused on developing and delivering innovative repair and
regenerative solutions to the spine and orthopedic markets. Orthofix's
products are widely distributed around the world to orthopedic surgeons
and patients via Orthofix's sales representatives and its subsidiaries,
and via collaborations with other leading orthopedic product companies.
In addition, Orthofix is collaborating on R&D activities with leading
research and clinical organizations such as the Musculoskeletal
Transplant Foundation, the Orthopedic Research and Education Foundation,
and Texas Scottish Rite Hospital for Children. For more information
about Orthofix, please visit www.orthofix.com.
Orthofix
Mark Quick, 214-937-2924
Director of Investor
Relations and Business Development
markquick@orthofix.com
Source: Orthofix International N.V.
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