/C O R R E C T I O N from Source -- Ario Khoshbin/
In the news release, Ario Khoshbin Files Oppression Lawsuit Following Removal as CEO of Prollenium, issued 16-May-2025 by Ario Khoshbin over PR Newswire, we are advised by the source that the second paragraph has been updated. The complete, corrected release follows:
Ario Khoshbin Files Oppression Lawsuit Following Removal as CEO of Prollenium
TORONTO, May 16, 2025 /CNW/ - Ario Khoshbin, founder and former Chief Executive Officer of Prollenium Medical Technologies Inc., has commenced legal proceedings in the Ontario Superior Court of Justice Commercial List, against ArchiMed SAS, Panacea Holdings Inc., Prollenium Medical Technologies Inc., and related entities. The Statement of Claim includes allegations of shareholder oppression under the Canada Business Corporations Act, as well as breach of contract and wrongful dismissal.
Mr. Khoshbin founded Prollenium in 2002 while still a university student. Over the next two decades, he developed the company into a global aesthetics business, with proprietary R&D, advanced manufacturing facilities, and distribution in over 80 countries. Prollenium is the only company manufacturing hyaluronic acid dermal fillers in North America and is the manufacturer of the globally recognized dermal filler brand Revanesse®.
In 2021, Mr. Khoshbin sold a majority stake in the company to ArchiMed, a European private equity firm, while continuing in his role as CEO and remaining a significant minority shareholder and board director.
In the Statement of Claim, Mr. Khoshbin alleges that following the acquisition, ArchiMed began operating the company in a manner that sidelined minority shareholders, focused on short-term financial objectives, and diverged from prior representations about long-term growth and innovation. The claim states that Mr. Khoshbin was gradually excluded from key governance decisions and was ultimately removed from his role without cause.
The Statement of Claim alleges that Mr. Khoshbin did not voluntarily resign but was instead removed by board vote on April 4, 2025, contrary to public statements made by the Defendants at the time of Mr. Khoshbin's termination. The claim further alleges that Mr. Khoshbin's termination was not preceded by any formal performance process, and that he had expressed willingness to support an orderly transition. It also alleges that ArchiMed had pre-selected Walter Geiger, an operating partner at ARCHIMED SAS based in Zurich, as interim CEO prior to the meeting, and that he did not hold a Canadian work permit at the time of his appointment.
The claim states that Mr. Geiger has been performing his duties from Prollenium's Richmond Hill facility.
Following his removal, Mr. Khoshbin formally stepped down from the Board of Directors of Panacea Holdings. He continues to hold a 30% indirect ownership interest in the company and owns both of its core manufacturing facilities in Aurora and Richmond Hill, Ontario.
"The opportunity to build Prollenium into what it is today has been the defining journey of my professional life," said Mr. Khoshbin. "My departure as CEO was abrupt and not by choice, but my commitment to the company's mission, legacy, its employees, and its long-term success remains unwavering."
The Statement of Claim seeks various remedies, including a court-ordered buyout of Mr. Khoshbin's shares at fair market value, damages for wrongful dismissal, breach of contract, and reputational harm. The allegations have not yet been tested in court.
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