Securities Fraud Investigation: Apyx Medical Corp.
PHILADELPHIA, June 30, 2022 – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities Apyx Medical Corporation (“Apyx” or the “Company”) (NASDAQ: APYX) between May 12, 2021 and March 11, 2022 (the “Class Period”).
If you purchased the securities of Apyx during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/apyx-medical-/
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, Apyx’s stock fell $4.02, or 40.6%, to close at $5.88 per share on March 14, 2022, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants misled investors about the fact that: (1) a significant number of Apyx’s Advanced Energy products were used for off-label indications; and (2) such off-label uses led to an increase in the number of medical device reports filed by Apyx reporting serious adverse events.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.