Picard Medical, Inc. has appointed Richard Fang, Ph.D., as its interim Chief Executive Officer and Chairman, effective June 18, 2026. This leadership transition follows the resignation of Patrick NJ Schnegelsberg, who stepped down as CEO and a member of the Board of Directors. The company stated that Schnegelsberg's departure was not due to any disagreement regarding operations, policies, or practices.

Leadership Transition Details

The Board of Directors appointed Fang to the interim role to ensure continuity while a permanent successor is sought. Fang, aged 60, is the current Chairman of the Board and a former CEO, having served in that capacity from September 2021 until July 2023. He has served as a board member since September 2021. The Board expressed gratitude to Schnegelsberg for his contributions during a formative period for the company.

Background and Compensation

Fang is a founder and managing partner of Hunniwell Lake Ventures LLC, a med-tech focused venture capital firm established in 2019. He previously founded Reach Surgical in 2005, a minimally invasive surgical instruments company, where he directed growth and international expansion for 15 years. His tenure there culminated in the company's sale to a private equity buyer. Fang also brings over 20 years of experience in the medical device industry, including time at Johnson & Johnson. He holds an MBA from the University of Cincinnati and a Ph.D. in Physics from Purdue University in Indianapolis.

During his tenure as interim CEO, Fang will receive an annual salary of $400,000. The company noted there are no special arrangements or understandings regarding his selection. Disclosures related to Fang's appointment are incorporated by reference from the company's preliminary Proxy Statement for its 2026 Annual Meeting of Shareholders, filed with the Securities and Exchange Commission on June 12, 2026.

Kuehn Law, PLLC is investigating whether certain officers and directors of Picard Medical Inc. breached their fiduciary duties to shareholders amid allegations of a fraudulent stock promotion scheme. The law firm's inquiry centers on claims that insiders caused the company to misrepresent or fail to disclose material information regarding artificial trading activity and the use of offshore accounts to facilitate share dumping. These alleged actions are significant as they may have artificially inflated the stock price, impacting the investment decisions of shareholders.

According to a federal securities lawsuit cited by Kuehn Law, Picard Medical was the subject of a scheme involving social media-based misinformation and impersonated financial professionals. The lawsuit alleges that insiders and affiliates utilized offshore or nominee accounts to coordinate the dumping of shares during a price inflation campaign. Furthermore, it is claimed that Picard Medical's public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity driving the stock price.

The investigation focuses on the period leading up to September 2, 2025. Shareholders who currently own Picard Medical stock and purchased shares prior to this date are advised to contact Justin Kuehn, Esq. to discuss their rights. Kuehn Law has stated that it pays all case costs and does not charge its investor clients for participation in the matter.

Kuehn Law emphasizes that shareholder participation is crucial for maintaining the integrity and fairness of the financial markets. The firm has noted that there may be limited time for shareholders to enforce their rights regarding these allegations.