GRABAR LAW OFFICE INVESTIGATES POTENTIAL SHAREHOLDER ACTION ON BEHALF OF SHAREHOLDERS OF APYX MEDICAL CORPORATION (NASDAQ: APYX)
A federal judge found that a securities fraud complaint “sufficiently pleads a strong inference of [wrongdoing] such that a reasonable person would infer that Apyx perpetrated a fraud." That suit accused Apyx, formerly known as Bovie Medical Corp., of keeping secret the outcome of an investigational device exemption clinical study of J-Plasma, a skin-tightening product it had hoped would receive U.S. Food and Drug Administration regulatory clearance. While on August 1, 2018, the company claimed that "results from the dermal resurfacing U.S. IDE clinical study will support our 510(k) submission to the FDA," on April 1, 2019, the company announced it was withdrawing its FDA application for J-Plasma. These failures in corporate governance caused a precipitous drop in Apyx’s stock price and great reputational harm to the company.
Current Apyx shareholders who have held shares of the Company’s stock since at least August 1, 2018 have standing to seek corporate governance reforms, the return of funds back to company coffers and potentially a court approved incentive award if appropriate at no cost. $APYX
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