Game On!
Wednesday, August 11, 2010
Roy Jacobs Files Class Action on Behalf of Shareholders
On Wednesday, July 11, 2010, Roy Jacobs & Associates announced that it has filed a class action complaint in United States District Court for the Southern District of California on behalf of purchasers of the common stock of Alphatec Holdings, Incorporated. The complaint is centered around alleged claims for securities fraud pursuant to federal securities laws. The complaint was filed against ATEC and certain of its officers, directors and controlling persons.
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With all the confirmation sources of the investigation of ATEC and their officers, directors and major stock holders I find it very interesting and quite humorous that some bloggers are so ignorant and vicious that they cannot or will not accept the unpleasant truth about their company or the industry. Before you open your mouth or write a comment research the facts. We don't need your editorial comments; just the facts.
ReplyDeleteMeddeviceexec:
ReplyDeleteThe point of an unmoderated blog is to freely air opinions. Some will be right, others wrong. It's up to you to decide.
If you can't or won't tell the difference, thats your problem. If you want facts, read a newspaper.
meddeviceexec:
ReplyDeleteDo you think you are representing the collective "we"? Maybe "we" dont need YOU at all, so do "us" a favor and go get your humor from a comic strip or somthin
"Game on" ? This blogger idiot must think he bought tickets to a football game when it is just another fine example of a corrupt industry playing itself out. Hardly a game.
ReplyDeleteYikes, down another 12% today. Got as low as $2.11
ReplyDeleteI bet those folks who bought at the $5 offering a couple of months ago are not very happy!
Whoever shorted internally did have better chance of not being noticed. -Not anymore- Ethics is never overrated.
ReplyDeleteNice work MM man and thanks for The spine blogger!!! Lets watch the cockroaches run. Billy Lubisher
ReplyDeleteIf you think this isn't a game, then you don't know the Board of Directors at Alphatec
ReplyDeleteHow do you blame FDA approval uncertainty and complexity of the acquisition integration with missing your just recently stated quarter prediction by millions? The product approval would've had minimal impact and Scientx people didn't stop selling product. And pricing pressure didn't just happen two months ago. This deserves a lawsuit yet we know the only winners will be the lawyers, and the company and shareholders will lose.
ReplyDeleteFor the sake of argument, let's say that the numbers were manipulated to benefit the insiders, isn't this behavior indicative of the banksters that nearly brought this great country to its knees? If these people are found guilty they should be thrown into jail and the SEC should levy the largest fine this industry has ever seen. Hopefully, the SEC and DOJ will go so far up their asses that they'll feel like they have a sore throat.
ReplyDeleteOK, the DOJ and SEC will do what they do.... my question is, what will this do to the company image to the surgeons that are on board? Will the VIP trips and consultancy agreements dry up or disappear quickly? Will Atec fall off the schedules or continue to play the same game?
ReplyDeleteATEC the new whipping boy for the DOJ and SEC. Couldn't have happen to a better company. They got what they deserved
ReplyDeleteI for one hope that it takes all the dirty surgeons in SoCal down. Goodbye Abshire, Chun and the rest of those dirtbags
ReplyDeleteHopefully they nail them to the wall! Send them to jail. Everyone that manipulated forecasting, pumped etc. In addition, this is a great opportunity for senators such as (Grassley, Kohl) and the DOJ to go after these criminals. Go after the distributors first! Shake them down and they'll sing like canaries. This is outrageous and everyone last one of them should be held accountable!
ReplyDeleteHey BOD your going downnnn!! Have your wife shop for Old Spice Soap-it comes on a rope. You are going to need it. See if Herman can protect you. If your lucky you may have an opportunity to pitch instead of catching all the time! Laughing my ass off!! God Bless America!!
ReplyDeleteDirk, if you are reading this, I would resign right now and turn evidence for the sec and the shareholders.
ReplyDeleteSalvage your career while you can. Otherwise it will be your head served up on a platter by hpc.
Dirk:
ReplyDeleteListen to anonymous 5:16. You don't believe that Foster and Berkowitz give a rats ass about you, do you? Ask for clemency, become a witness for the plaintiffs and you will resurrect your career before you need implants for the aging spine. Is it all worth it? Not for those dirt bags.
TSB:
ReplyDeleteIt's hard to imagine that there is a buyer or seller who does not rely on market integrity. Who would knowingly roll the dice in a crooked crap game.
USSCJ Blackmun Basic Inc. v. Levinson
The third law firm is named Kaplan Fox
http://www.jacobsclasslaw.com/cases/Complaint.pdf
ReplyDeleteCEO & CFO need to start singing like a couple of canaries. HCP needs to be taken down. This will set a precedent in our industry. If they convict HCP et al they should bitch slap them and send them to Attica, forget about a federal white collar resort.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeletethis is about inaccurate forecasting not consulting deals right?
ReplyDeleteso go sell now.
The gist of this complaint is centered on fraudulent behavior by misrepresenting investors and omitting material facts about the business and the Company. Historically, this company's stock price has been erratic at best. In addition, ATEC's projections were unreasonable and reckless. The Defendants alleged motivation to mislead the public was effected by the potential of ATEC being short on cash, and Healthpoint would have experienced an even greater loss on its already unsuccessful investment in Scient'x, possibly endangering Healthpoint's ability to continue to continue or raise money.
ReplyDeleteHow does all this negative publicity affect ATEC's future revenue stream? How much more will the stock plummet? Will investors have second thoughts about pumping capital into ATEC stock? I guess all that money that was made can now be utilized as a defense fund so that 'em banksters can defend themselves in a court of law. I guess after all the happened over the last few years some people just don't get it. But it's still America and eventually everyone will have their day in court.
BTW, did anyone hear about Applied spine? R they the next one in line?
ReplyDeletehey 5:05... i know who you are. You like taking pot shots at people online. Thats bad karma. thats why all those misfortunate things have happened to your family and loved ones. You attract Bad Karma....
ReplyDeleteEveryone here is casting stones..
ReplyDeleteThe Medtronic and Depuy and Stryker Reps who do not know how to maintain a territory without a consultant or two. It's funny how these reps take pride in their territory when it's really just maintenance of the consultant business. You can fool your wife and family into thinking you are a hero and a "magical" salesman/businessman, But when Depuy and Medtronic and Stryker is printing royalty/consultancy checks and mailing them out to "your" guy... well, You really are judt a big Fake Phony and Fraud
Amen 5:56
ReplyDeleteThis goes well beyond the MSD, Stryker, Depuy reps and companies. Alphatec and Globus have built up a thriving business on consultant deals. Can it be so easy as "Fill out this 10 question checklist Dr. The checks in the mail!" Somebody commented about what it takes to be a real rep and know how to sell. Hands are out and egos need stroking. Then you have the small surgeon owned companies. Same deal, throw in some stock, under the table cash from the distributor. Any companies out there that are a beacon for ethics in this business?
ReplyDeleteSo when AlphaTec and Globus sign on consultants it's dirty? But when Depuy and Medtronic and Stryker grow the business by signing on surgeons that's okay. Seems like the old boys club (Medtronic, Depuy, Stryker) are getting beat at their own game and don't like it. Bitter medicine Boys!!!
ReplyDeleteso can we stop attackingeachother about consulting deals and talk about the meat and potatoes??? how much are docs getting paid? and how do they figure out fair market value ?
ReplyDeletetons of examples please.
No different. Alphatec hires relatives of doctors-that is against the law! Any questions
ReplyDeleteHey BOD are you threatening people. Thats not nice. Stick to the Blog!
ReplyDeleteBoyz to Men:
ReplyDeleteAs a sidebar to the alleged fraudulent behavior, and that"s giving ATEC the benefit of doubt, any spine company that has grown revenue as quickly in a three year period is buying a percentage of that business, regardless whether it was Medtronic (the Gold Standard), Blackstone Medical (let me count the ways how quickly Orthofix distanced themselves from the family name), K2M, Globus, or Alphatec. The fact is there has to be an incentive, it could be stock options, it can be royalties and honorariums, fake consulting fees, financial sponsorship for new surgeons coming out of fellowship or residency, physician owned distributorships, or distributor kickbacks. Why are there disclaimers after each surgeon presenters name in the annual NASS booklet? Because NASS wants transparency? No. Because at this juncture
the industry has commercialized itself where sometimes it's difficult to sit through a clinical or scientific presentation and not believe what is real and what is bullshit. But that"s not what this post is about. It"s about a group of individuals that have potentially used their power as CEO, CFO, and BOD to manipulate the market, and those brilliant analysts, you know the ones that kiss every CEO"s ass in the industry, for their own financial gain resulting in a $200 million dollar loss of value for it"s shareholders, and that my friends is fraud if not outright robbery. Yes, fellow bloggers we applaud this type of behavior, rather that show our disdain, but maybe some will have learned their lesson after being taken for a ride bynthe PT Barnum of the industry.
Not all anaylysts are stupid. Listen to the first BIHI.OB (loss) call. They were poking numerous holes in the delusional and unbelievable sales projections of one "CEO".
ReplyDeleteOK. Where does BOD, CEO, CFO get the forcast from. VP sales his associates culpable as well?? Should be am I wrong? As they count their money, innocent people lost lots! If they did nothing wrong ok. If they are wrong I hope they make an example out of them.
ReplyDeleteHey east coast director of sales. better sing. dont go to jail because of HPC not worth it. your a good person. your family needs you.
ReplyDeleteThis isn't about whose wrong or right, this is about fraud. Bilking the investors out of millions to make millions. As to your point about where the numbers have come from, if the CEO and CFO claim ignorance in trusting Lubischer, Billy Bag O'Donuts and their merry Band of Gypsies, then how competent are they at running a company and providing financial oversight. The challenge will be whether Jacobs & Associates can prove that they conspired to manipulate the stock. If, and when, the ship starts to sink, we'll see the rats run in five different directions, because muroidea rats are large and distinguishable. The jurist Oliver Wendell Holmes once said; "Ignorance is no excuse for lack of jurisprudence." Hopefully, investors will dump this shitty stock.
ReplyDeleteDon't get your panties in a wad boys. Class action suits happen all the time. If the politician man in DC had any balls they would be illegal. They only make the lawers rich. It is bogus. You all sould like a bunch of jealous old ladies at a tea party. Grow a pair son..
ReplyDeleteTake the consulting fees away and level the playing field. Would love to see that! Then we'll see who can sell, bring value, build relationships, etc.
ReplyDeleteAre there any potential buyers of ATEC?
ReplyDeleteCan get them at half price now!
ReplyDeleteI'll have some of what you are all smoking because it must be some good shit.
ReplyDeleteYou are all #$%&ing high.
Where does Oliver Burk come in all of this? He used to work with Dirk and now Dirk overpaid for Oliver's company. Too cozy to begin with not to mention of course this whole health point owning both so one hand pays the other while the shareholders end up paying that tab, at $5 a share.
ReplyDeleteAny thoughts on Oliver from Scientx?
As to whether any improprieties occurred between Oliver and Dirk, I would leave that up to the attorneys and courts to decide. Based on the complaint,
ReplyDeletethere are no claims in that document regarding any backdoor deal. As for Oliver, no offense, at best mediocre talent in the right place at the right time. When he was at Aesculap he did zero and knew zero, at Blackstone he was given a golden parachute by Milanazzo et al, for what? The guy at best is a C Team player. Even nice people can be worthless, the perplexing aspect is that Investors and corporate boards tend to love empty suits, go figure. It must be their ability to manipulate these people.
"Investors and corporate boards tend to love empty suits, go figure. It must be their ability to manipulate these people."
ReplyDeleteVery profound and very true. A great observation.
I think Oliver and Dirk are puppets and were hired for precisely those reasons. While I have no love for Oliver (I don't know Dirk) it's potentially disingenuous to heap all blame on the CEO(s) for this catastrophe; it's likely coming all from on high. I liken this to the Norian disaster where I firmly believe that at least some of the people indicted were being forcibly led by someone bigger than themselves. While you can easily (and convincingly) make the argument that they are responsible anyway as they carried out the actions I think most people have gone against their conscience one time or another with the excuse "alright, but you told me so and you sign my paycheck".
ReplyDeleteThere are SO many empty suits in spine. When do any of these people actually do anything? Dig past the surface b.s* and you usually find people are repeating what someone else said. Thus far, the momentum of the industry and extra fat in the system have made our so called leaders look good. With pricing pressure and reform, the deadbeats are beginning to get exposed.
ReplyDeleteRoy Jacobs & Associates, Kahn Swick & Foti, Holzer Holzer & Fistel, Robbins Umeda, Ryan & Maniskas, and Brower Piven. The sharks are circling - that's at least 6 firms so far.
ReplyDeleteYou can imagine one law firm taking a crack when there's an outside chance of finding wrongdoing for a potential payoff, but six?
Should be very interesting...
Troy Talbot, you are my idol...thanks for all the contributions to this blog...
ReplyDeleteRegardless of whether or not all of the allegations are true, I continue to find it remarkable that so many reps out there think they are getting beat due to consulting agreements. I have had Medtronic reps accuse me of signing a doc onto an agreement after the first case I got from them (and I have never had a doc on any type of agreement or other secondary gain). It seems as though most big box reps can only imagine losing business due to something nefarious or illegal. But then if you read the disclosure section of the NASS program guide from lat year, Medtronic was listed 14 times on the first freaking page of the disclosures (and it wasn't even a full page).
ReplyDeleteMy guess is most of the people on the thread are mistakenly accusing ATEC of too many consulting deals, when they probably don't have any more than the rest of the companies proportionately.