Boston, MA 02/11/2014 (wallstreetpr) – Surgiview a subsidiary of Scient X SAS acquired by Alphatec Holdings (NASDAQ:ATEC) in 2010 has been found liable to have transferred assets for less than the market price, Surgiview was also found to have interfered on contractual rights related to OrthoTec. Formal judgment has not been handed but Surgiview according to the jury will be forced to pay damages totaling $47.9 million exclusive of various action being investigated that are being alleged by OrthoTec.
The judgment will only be handed as soon as it is determined whether Alphatec holdings will be held responsible for the allegations against Surgiview. The second trial where the verdict is to be handed down will begin after the next 60 days. The litigation case will see Alphatec record a non-recurring expense amounting to the $47.9 million with the addition of $3.7 million related to the litigation expenses.
Immediately after the conclusion of the first phase of the case Alphatec Chairman and CEO Less Cross was heard defendingthe actions undertaken by Surgview by saying “While Alphatec is disappointed with the outcome, we continue to believe that the facts and the law do not support the jury’s findings and Alphatec will vigorously defend itself in any future litigation related to this matter”.
Alphatec stock fall by 6%
Alphatec Holdings (NASDAQ:ATEC) did not have the best of times when the opening bell of the week rung signaling the start of trading on Monday morning. Its shares fell by more than 6% on the day. The drop in shares prices came at the back of far too many shares of the company changing hands during the trading session.
Alphatec Holdings shares have been trading on Volatile range of $2.11 to $2.45 for the past one month recording a sharp decline on Monday trading session of $2.30.Alphatec Holdings (NASDAQ:ATEC) has been experiencing a flat track record in the current year estimates. The medical industry on the other part has not been the best as Alphatec would have wished thus the flat trading margins. The current price drop is discouraging of which things should turn to the better sooner than later if the company is to earn a turnaround on its fortunes.
Alphatec to announce its fourth quarter results
In other news Alphatec Holdings (NASDAQ:ATEC) is set to release its fourth quarter results for the fiscal year 2013 on Thursday February 27, 2014.
Anonymous says
Ouch!
Anonymous says
The jury unanimously (12-0) determined that Surgiview fraudulently acquired the assets at issue. In addition to the awarded damages of $47.9 million an amount of about $20 million will be added within weeks for added interests, bringing the total damages due to OrthoTec to about $70 million. ORTHOTEC.