Robbins Umeda has initiated an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Alphatec Holdings, the parent company of Alphatec Spine.
Robbins Umeda’s investigation concerns whether the Alphatec’s directors and officers breached their fiduciary duty to the company by causing it to acquire Scient’x Groupe SAS and overstating the positive impact of the acquisition on the company.
On 17 December 2009 Robbins Umeda said that it was expecting to acquire Scient’x, a company owned by Alphatec’s shareholder. Alphatec then released positive revenue and income projections for the company for 2010.
The acquisition of Scient’x closed on 26 March 2010 at which time Alphatec initiated a public offering that closed on 21 April 2010.
Alphatec Spine is a medical device company that engages in the design, development, manufacture, and marketing of products for the surgical treatment of spine disorders.