NEW YORK, May 13, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Apyx Medical Corporation f/k/a Bovie Medical Corporation (“Apyx” or the “Company”) (APYX, Financial) of the June 17, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Apyx stock or options between August 1, 2018 and April 1, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/APYX. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
[email protected]
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Middle District of Florida on behalf of all those who purchased Apyx securities between August 1, 2018 and April 1, 2019 (the “Class Period”). The case, Pritchard v. APYX Medical Corporation et al., No. 19-cv-00919 was filed on April 17, 2019, and has been assigned to Judge Susan C. Bucklew.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that the clinical study on the use of J-Plasma for dermal resurfacing had not met its primary efficacy endpoint; (2) that, as a result, the clinical study did not support the Company’s application for regulatory clearance; (3) that, as a result, the Company was unlikely to receive regulatory approval of J-Plasma for dermal resurfacing; and(4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
On February 21, 2019, White Diamond Research released a report alleging, among other things, that “Apyx did not reveal the results of its clinical study on J-Plasma use for dermal resurfacing–a red flag that it may have missed its endpoints.”
On this news, the Company's stock price fell from $8.50 per share on February 20, 2019 to $6.40 per share on February 21, 2019—a $2.10 or 24.71% drop.
On April 1, 2019, after the market closed, the Company revealed that it had withdrawn its application for regulatory clearance of J-Plasma for use in dermal resurfacing procedures, citing concerns raised by the FDA. It also revealed that the clinical study for J-Plasma had missed its primary efficacy endpoint.
On this news, the Company's stock price fell from $6.95 per share on April 1, 2019 to $4.46 per share on April 2, 2019—a $2.49 or 35.83% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Apyx’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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