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Orthofix adds scorn to Ramius nominees

This article was originally published in Clinica

Executive Summary

Orthopaedics specialist Orthofix International has again raised concerns about the suitability of a potential board member nominated by its disgruntled shareholder Ramius. Orthofix (McKinney, Texas) questioned the nomination of Steven Lee, calling his tenure as president, CEO and chairman of diabetes supplies and service firm PolyMedica into dispute. While Mr Lee was at PolyMedica, the firm was embroiled in two whistleblower lawsuits alleging that the company was involved in fraud and improper reimbursement billing (see Clinica No 1025, p 12). This is the second of Ramius’ board nominations to be criticised by Orthofix – last week the company condemned the nomination of Peter Feld. However, Orthofix did say that it was willing to meet and interview the remaining two board nominees Charles Orsatti and J Michael Egan.

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