Schick hit with shareholder suits

January 20, 1999

Digital x-ray and bone densitometry developer Schick Technologies of Long Island City, NY, is facing several class-action complaints filed by its shareholders, according to Eli Schick, director of investor relations. The complaints, brought this month by

Digital x-ray and bone densitometry developer Schick Technologies of Long Island City, NY, is facing several class-action complaints filed by its shareholders, according to Eli Schick, director of investor relations. The complaints, brought this month by several law firms, claim that Schick knowingly misstated its financial condition before announcing on Dec. 10 that it would take a one-time charge of $5 million against earnings for its third quarter 1998, ending December (SCAN 1/14/99).

In more positive Schick news, the company received a patent for its accuDEXA bone densitometer on Jan. 8. The Food and Drug Administration cleared the unit in December 1997 (SCAN 1/21/98), and Schick has sold about 2500 of the densitometers. AccuDEXA is priced under $13,000.