San Diego, Sept. 30, 2011 (Shareholders Foundation) -- 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.

Bovie Medical’s annual Revenue fell from $28.78million in 07, respectively $28.10million for 2008, to $26.954million in 2009 and $24.23million in 2010. Its Net Income fell over the same time frame from $3.80million in 07 to a Net Loss of $1.53million in 2010.

Shares of Bovie Medical Corporation (Public, AMEX:BVX) dropped from as high as $9.69 during 2009 to as low as $1.84 in October 2010 and traded recently at roughly $2.80 per share.