Microbot Medical Prevails in Short-Swing Lawsuit Against Insider

Microbot Medical Inc. convinced a federal judge in New York to enter judgment in its favor and award the pre-clinical medical device company more than $480,000 from an insider who was accused of buying and selling company stock within a six-month period.

Microbot filed the complaint against Joseph Mona in November 2019, seeking to disgorge short-swing profits under Section 16(b) of the Securities Exchange Act. Mona, who owned more than 10% of Microbot stock when he purchased and sold his stock, filed a counterclaim alleging Microbot made misrepresentations in its filings with the U.S. Securities and Exchange Commission.

U.S. Magistrate ...