• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
  • Technologies
    • Artificial Intelligence (AI)
    • Cardiovascular
    • Orthopedics
    • Neurological
    • Diabetes
    • Surgical Robotics
  • Business & Finance
    • Wall Street Beat
    • Earnings Reports
    • Funding Roundup
    • Mergers & Acquisitions
    • Initial Public Offering (IPO)
    • Legal News
    • Personnel Moves
    • Medtech 100 Stock Index
  • Regulatory & Compliance
    • Food & Drug Administration (FDA)
    • Recalls
    • 510(k)
    • Pre-Market Approval (PMA)
    • MDSAP
    • Clinical Trials
  • Special Content
    • Special Reports
    • In-Depth Coverage
    • DeviceTalks
  • Podcasts
    • MassDevice Fast Five
    • DeviceTalks Weekly
    • OEM Talks
      • AbbottTalks
      • Boston ScientificTalks
      • DeviceTalks AI
      • IntuitiveTalks
      • MedtechWOMEN Talks
      • MedtronicTalks
      • Neuro Innovation Talks
      • Ortho Innovation Talks
      • Structural Heart Talks
      • StrykerTalks
  • Resources
    • About MassDevice
    • DeviceTalks
    • Newsletter Signup
    • Leadership in Medtech
    • Manufacturers & Suppliers Search
    • MedTech100 Index
    • Videos
    • Webinars
    • Whitepapers
    • Voices
Home » CEO Pignatelli out after court-ordered shake-up at Biolase

CEO Pignatelli out after court-ordered shake-up at Biolase

June 17, 2014 By Brad Perriello

CEO Pignatelli out in court-ordered shakeup at Biolase

The boardroom and C-suite at Biolase (NSDQ:BIOL) got a shake-up this week following a Delaware Supreme Court decision in a lawsuit filed by Oracle Partners earlier this year.

Biolase said today that Pignatelli resigned after the high court’s ruling, but still retains a seat on the board. Biolase also said it appointed Jeffrey Nugent to the board and named him interim CEO while it searches for a replacement.

Dismal 1st-quarter earnings revived the proxy war between Oracle and Biolase in May, after the investment firm accused Pignatelli of manipulating the board. Delaware’s Chancery Court later ruled that the Biolase board consisted of 4 uncontested members and Paul Clark, a Pignatelli nominee who then aligned himself with other directors seeking Pignatelli’s ouster, according to court documents. Today Biolase made Clark chairman of the board.

The lower court found that Clark was made a board member after the oral resignation of Alexander Arrow, according to the court documents.

Pignatelli "planned Arrow’s resignation and Clark’s appointment to the board, and a press release issued by Biolase after the board meeting quoted Pignatelli as saying he was ‘thrilled’ with Clark’s appointment to the board. But Pignatelli quickly reversed course when he learned that Clark had aligned himself with a faction of the board that wanted to remove Pignatelli from his position as CEO. Pignatelli argued that because Arrow’s resignation at the board meeting was given orally and was not reduced to writing before Clark was appointed to fill the vacancy created by Arrow’s resignation, Clark had not been properly appointed to the board," according to the documents.

Delaware’s highest court disagreed June 12, upholding the Chancery Court’s decision.

"The circumstances here present one of the clearest cases of a director resignation by means other than a formal writing. The Court of Chancery had abundant evidence to support its factual finding that Arrow resigned," according to the ruling.

Filed Under: Dental, News Well, Wall Street Beat Tagged With: Biolase, Laser/Light-based Devices, Oracle Partners, Personnel Moves

More recent news

  • SS Innovations completes first robotic telesurgery for weight loss
  • Johnson & Johnson MedTech adds new CMO for its Electrophysiology business
  • Abbott earns Medicare win for TriClip TEER system
  • Judge says Johnson & Johnson Ethicon owes $76.6M to ChemImage after failed partnership
  • Aurora Spine begins first procedures with Aero lumbar fusion system

Primary Sidebar

“md
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest med device regulatory, business and technology news.

DeviceTalks Weekly

See More >

MEDTECH 100 Stock INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion
Drug Discovery & Development
Pharmaceutical Processing World
MedTech 100 Index
R&D World
Medical Design Sourcing

DeviceTalks Webinars, Podcasts, & Discussions

Attend our Monthly Webinars
Listen to our Weekly Podcasts
Join our DeviceTalks Tuesdays Discussion

MASSDEVICE

Subscribe to MassDevice E-Newsletter
Advertise with us
About
Contact us

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy