APYX) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed against Apyx Medical Corporation (NASDAQ: APYX)
Have you lost money on your investments in Apyx Medical? If so, please see Apyx Medical Corporation Shareholder Class Action Lawsuit or contact Pierre Allocco at (212) 951-2030 Where [email protected] to discuss your rights.
NEW YORK, June 7, 2022 /PRNewswire/ — Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired 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 United States District Court of the Intermediate 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 revenues are derived from the Advanced Energy segment, which includes Apyx’s helium plasma technology which is marketed and sold as Renuvion (in the cosmetic surgery market) and J- Plasma (in the hospital surgery 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) these off-label uses have resulted in an increase in the number of medical device reports filed by Apyx of serious adverse events; (3) as a result, the Company was reasonably likely to be subject to regulatory review; and (4) as a result of the foregoing, the Company’s financial results would be adversely affected.
On March 14, 2022, Apyx has disclosed that the United States Food and Drug Administration (“FDA”) will issue a Medical Device Safety Notice (“MDSC”) regarding the company’s advanced energy products. The Company further revealed that “[b]Based on our initial interactions with the FDA, we believe the Agency’s MDSC will relate to the use of our Advanced Energy products outside of their FDA-approved indication for general use in cutting, coagulation, and soft tissue removal during open and laparoscopic surgical procedures. .”
On this news, the Company’s stock fell more than 40%, to close at $5.88 per share on March 14, 2022.
If you wish to act as the main plaintiff, you must apply to the court no later than August 5, 2022. A lead plaintiff is a representative party acting on behalf of the other class members to direct the litigation. Your ability to participate in any recovery does not require you to serve as the primary plaintiff. If you choose to do nothing, you can remain an absent member of the group.
If you purchased APYX securities, and/or wish to discuss your legal rights and options please visit Apyx Medical Corporation Shareholder Class Action Lawsuit or contact Pierre Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its customers. In addition to representing individual investors, the firm has been retained by some of the nation’s largest public and private pension funds to oversee their assets and bring lawsuits on their behalf. As a result of its success in hundreds of lawsuits and class actions, the firm has been named to the National Law Journal’s “List of Plaintiffs” thirteen times and listed in The Legal 500 for ten consecutive years.
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