Financial
Bovie Medical Settles Shareholder Lawsuit, Address Former COO Re: Misrepresenting Education Background
July 7, 2014 by Arezu Sarvestani
Bovie Medical closes the books on a years-old shareholder lawsuit, paying legal fees and a minuscule “enhancement award” to its accusers and agreeing to a raft of changes in corporate governance.
New York device maker Bovie Medical (NYSE:BVX) can finally walk away from a long-running shareholder lawsuit after coming to a settlement agreement that will cost the company less than $1 million.
Bovie agreed to pay up to $850,000 to pay for legal fees and court expenses, with an additional “enhancement award” of $2,500 each to a pair of shareholders named in the lawsuit. The company also agreed to enact certain changes in corporate governance, although it admitted no wrongdoing.
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