Next Science Says Former Employee Files Derivative Complaint in US Court

MT Newswires Live

Jan 08, 2025

Next Science (ASX:NXS) said that former employee Michael Morello has filed a derivative complaint in Florida's Duval County Court, alleging breaches of fiduciary duties and mismanagement by several employees, according to a Wednesday filing with the Australian bourse.

Morello, who was Vice President of Wound Care Sales until December 2023, is also involved in a separate legal case initiated by the company in May 2024, alleging that he and other former employees breached post-employment restraints, the filing said.

Meanwhile, Morello's complaint claims Next Science's XBIO technology is not FDA-approved for biofilm eradication, and safety concerns about its Xperience surgical solution in breast implant procedures were not addressed, the filing added.

The company asserts that its products are FDA-approved, safe, and effective.

Next Science is conducting an independent investigation and will continue pursuing its non-compete action against Morello and former employees.

Shares of the company rose past 4% on market close.

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