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APYX Medical Corporation

The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of Florida on behalf of those who acquired APYX Medical Corporation (“Apyx Medical”) (NASDAQ: APYX) securities from May 12, 2021 through March 11, 2022, both dates inclusive (the “Class Period”). Investors have until August 5, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Apyx Medical is an energy technology company develops products in the cosmetic and surgical markets.
On March 14, 2022, Apyx Medical 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 price declined by $4.02 per share, or approximately 40.61%, from $9.90 per share to close at $5.88 per share on March 14, 2022.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) a significant number of Apyx Medical’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 Medical reporting serious adverse events; (3) as a result, the Company was reasonably likely to incur regulatory scrutiny; (4) as a result of the foregoing, the Company’s financial results would be adversely impacted; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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