Shareholder rights law firm Robbins LLP is investigating Apyx Medical Corporation (NASDAQ: APYX) and its officers and directors to determine whether they breached fiduciary duties and violated securities laws by using its products for off-label indications. Apyx claims to be an advanced energy technology company with products in the cosmetic and surgical markets. Nearly 80% of its revenue is derived from the Advanced Energy segment.
If you would like more information about our investigation of Apyx Medical Corporation's misconduct, click here.
What is this Case About: According to the complaint, between May 12, 2021 and March 11, 2022, defendants failed to disclose to investors that a significant number of Apyx’s Advanced Energy products were used for off-label indications and that such off-label uses led to an increase in the number of medical device reports filed by Apyx reporting serious adverse events. As a result, the Company was reasonably likely to incur regulatory scrutiny, which would adversely impact its financial results.
On March 14, 2022, Apyx disclosed that the 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 $4.02, or over 40%, to close at $5.66 per share on March 14, 2022.
Next Steps: If you acquired shares of Apyx Medical Corporation securities between May 12, 2021 and March 11, 2022, you have legal options. Contact Robbins LLP for more information.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Contact us to learn more:
Shareholder Information Form
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Apyx Medical Corporation settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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