InMode (INMD) activist investor DOMA Perpetual Capital Management said Friday it has urged InMode's board to restart its stock repurchase program and remove Chief Executive Moshe Mizrahy.
In a letter to the board, DOMA Perpetual claimed Mizrahy has made "incorrect and damaging" remarks about the company's capital allocation strategy, especially buybacks, and called for a leadership change, describing Mizrahy's management style as "reckless and antagonistic."
The investor also called on the board to immediately resume and accelerate the company's suspended share buyback program, claiming InMode holds significant cash reserves and its stock trades remains "a bargain."
InMode did not immediately respond to MT Newswires' request for comment.
Shares were 1.7% higher in recent premarket activity.
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