Bovie Medical Corporation
Robbins Umeda LLP Announces an Investigation of Bovie Medical Corporation
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Bovie Medical Corporation (AMEX: BVX).
Robbins Umeda LLP’s investigation focuses on whether officials at Bovie breached their fiduciary duties to shareholders, were unjustly enriched, and wasted corporate assets to the detriment of the company and investors. In particular, the firm is investigating allegations that officials at the company caused Bovie to take actions which resulted in at least three major lawsuits, including one for patent infringement, which caused the company to lose its rights to manufacture its SEER and BOSS technologies. As a result, Bovie’s ability to produce many of its medical products has been threatened, and the company has been unable to capitalize on material corporate and market opportunities. Additionally, the firm is examining allegations that members of the Board, including Chief Operating Officer Moshe Citronowicz, engaged in self-dealing practices that routinely awarded senior management positions to unqualified friends and family members.
As a consequence of this alleged mismanagement, Bovie’s stock price has declined from a high of over $9.00 per share to trade as low as $2.00 per share, none of the five announced new products have come to market, and the company has been the subject of numerous costly lawsuits.
One option available to investors of Bovie is to file a shareholder derivative action to hold those that allegedly damaged Bovie accountable. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and/or disgorgement of ill-gotten gains.
If you own shares in Bovie and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.