NEW YORK, June 24, 2022
Did you lose money on investments in Apyx Medical? If so, please visit Apyx Medical Corporation Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, June 24, 2022 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Apyx Medical Corporation ("Apyx" or the "Company") (NASDAQ: APYX) between May 12, 2021 and March 11, 2022, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Middle District of Florida and alleges violations of the Securities Exchange Act of 1934.
Apyx claims to be an advanced energy technology company with products in the cosmetic and surgical markets. Nearly 80% of the Company's revenue is derived from the Advanced Energy segment, which consists of Apyx's helium plasma technology that is marketed and sold as Renuvion (in the cosmetic surgery market) and J-Plasma (in the hospital surgical market).
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (1) a significant number of Apyx's Advanced Energy products were used for off-label indications; (2) such off-label uses led to an increase in the number of medical device reports filed by Apyx reporting serious adverse events; (3) as a result, the Company was reasonably likely to incur regulatory scrutiny; and (4) as a result of the foregoing, the Company's financial results would be adversely impacted.
On March 14, 2022, Apyx disclosed that the U.S. Food and Drug Administration ("FDA") would be posting a Medical Device Safety Communication ("MDSC") related to the Company's Advanced Energy Products. The Company further disclosed that "[b]ased on our initial interactions with the FDA, we believe the Agency's MDSC will pertain to the use of our Advanced Energy products outside of their FDA-cleared indication for general use in cutting, coagulation, and ablation of soft tissue during open and laparoscopic surgical procedures."
On this news, the Company's stock fell over 40%, to close at $5.88 per share on March 14, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than August 5, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased APYX securities, and/or would like to discuss your legal rights and options please visit Apyx Medical Corporation Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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