Had these shares in the past and got this message, need help, what do I do please

happyhero

Hi, I had Apyx Medical Shares in the past (all sold now, a while ago) and I received this message from the investment broker I use, Hargreaves Lansdown (so trusted source) but I have no idea what I should do about this, can anybody help me please?

It seems complicated and is it worth doing anything with my paltry investment?

I had about £2000 worth from January 2019 to April 2019 and I was in them to make money but I didn't do very well with them.

Any help or guidance appreciated.

Apyx Medical Corp: Class Action Litigation

 

Clients who purchased Apyx Medical Corp common stock between 1 August 2018 and 1 April 2019 inclusive may be eligible to submit a claim for compensation from a Settlement Fund established following settlement of a recent Class Action Litigation against the Company. If you purchased stock during this period the Class Action Notice may be of interest to you. The Class Action Notice confirms the following:

 

“The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company`s business, operations, and prospects. The Complaint specifically alleges Defendants made false and/or misleading statements and/or failed to disclose: (1) that the clinical study on the use of J-Plasma for dermal resurfacing had not met its primary efficacy endpoint; (2) that, as a result, the clinical study did not support the Company`s application for regulatory clearance; (3) that, as a result, the Company was unlikely to receive regulatory approval of J-Plasma for dermal resurfacing; and (4) that, as a result of the foregoing, Defendants` positive statements about the Company`s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.” (Source: Class Action Notice, July 2020)

 

More information about the Settlement Fund, including the full Class Action Notice and a claim form, can be found at www.ApyxSecuritiesSettlement.com.

 

If you wish to make a claim under the Class Action settlement you must submit a Proof of claim form postmarked by 16 December 2020. The claim form must be sent to Apyx Medical Corp as detailed on the form. If you wish to exclude yourself from the Settlement Class or object to it you must do so before 16 October 2020.

 

Hargreaves Lansdown cannot provide advice about this procedure. The information contained in this message is based on our understanding of the information issued in the Class Action Notice and should not be seen as a recommendation to take any particular course of action.  If you are in any doubt as to the action you should take you are recommended to take legal advice.

bowlhead99

It is relatively simple choice. Either you think you were misled into buying shares during the relevant period by the misleading statements / lack of disclosure by the company, and try to pursue it, or you weren't or can't be bothered, so you don't.

If you think you were, you can either review the information provided and tell the people running the class action that you want to claim from the settlement fund that they obtained on behalf of the harmed investors, if you qualify, and submit a claim;  or you can exclude yourself from the class and threaten legal action directly yourself to the same defendants and see if they want to settle with you, which they probably won't, and your costs for doing that would exceed whatever money you have already lost in the shares.

So, make a class action claim or don't ; HL aren't going to advise you either way, because it's your decision, they are just letting you know that someone has obtained a settlement and are giving you the relevant information.