  We investigate the controversial issue of the existence of universality
classes describing critical phenomena in three-dimensional statistical systems
characterized by a matrix order parameter with symmetry O(2)xO(N) and
symmetry-breaking pattern O(2)xO(N) -> O(2)xO(N-2). Physical realizations of
these systems are, for example, frustrated spin models with noncollinear order.
  Starting from the field-theoretical Landau-Ginzburg-Wilson Hamiltonian, we
consider the massless critical theory and the minimal-subtraction scheme
without epsilon expansion. The three-dimensional analysis of the corresponding
five-loop expansions shows the existence of a stable fixed point for N=2 and
N=3, confirming recent field-theoretical results based on a six-loop expansion
in the alternative zero-momentum renormalization scheme defined in the massive
disordered phase.
  In addition, we report numerical Monte Carlo simulations of a class of
three-dimensional O(2)xO(2)-symmetric lattice models. The results provide
further support to the existence of the O(2)xO(2) universality class predicted
by the field-theoretical analyses.
