Orthofix International Comments on Judge's Ruling
LEWISVILLE, Texas--(BUSINESS WIRE)--Orthofix International N.V., (NASDAQ:OFIX) (the Company) commented today on the federal court’s second 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.
At a hearing yesterday the court rejected the plea agreement emphasizing certain institutional concerns with binding the court’s sentencing discretion in such a proceeding. The court invited the Government and Orthofix to provide to the court a joint recommendation on sentencing which would not be binding on the court.
"The Company and the government stand behind their agreements and continue to discuss a resolution of the matter that will be acceptable to the court," 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."
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.