The following is excerpted from an October 10, 2011 press release by the Shareholders Foundation published at Live-PR:
An investor in shares of Bovie Medical Corporation (AMEX:BVX) filed a lawsuit against certain officers and directors of Bovie Medical.
According to the complaint the plaintiff alleges that several officers and directors of Bovie Medical Corp. breached their fiduciary duties owed to BVX shareholders.
Bovie Medical Corporation said in a statement that in July 2010, its Board of Directors removed a director for cause and Bovie Medical Corp then sued the former director alleging that he engaged in self-dealing and other wrongful acts, including statements intended to directly and negatively impact Bovie Medical’s share price. The former directors then filed a counterclaim against Bovie Medical Corp.
The lawsuit by investors follows allegations that certain officials at the Bovie Medical Corp. caused Bovie Medical 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 Medical's ability to produce many of its medical products has been threatened, and it has been unable to capitalize on material corporate and market opportunities.
Read the full press release here.