Investors sue South Miami medical device company (Miami Herald)
Investors have filed a federal lawsuit against an orthopedics implants company and its chief executive, charging that the firm violated securities laws while covering up disastrous finances.
Twenty-nine investors, many of them South Florida doctors, are suing Internal Fixation Systems, a company marketing orthopedic implants, alleging that the company’s leadership misled them and violated Securities and Exchange laws as IFS’ finances collapsed and the stock plummeted from $2.58 to a penny a share in less than a year.
The lawsuit in federal court is also aimed at IFS Chief Executive Stephen Dresnick, a physician and veteran entrepreneur, and several company directors, including former Dolphins star Bob Kuechenberg.
Dresnick said Friday the case “is totally without merit” and was sparked by two vengeful former employees. Kuechenberg could not be reached for comment.
Started in 2007, Internal Fixation, based in South Miami, markets and distributes orthopedic screws, plates and implants. Its website boasts it offers quality products that cost about half what competitors charge. Dresnick, who has developed several major com...
