MiMedx Group, Inc. (NASDAQ: MDXG)

DEFENDANT NAME: MiMedx Group, Inc.
STOCK SYMBOL: NASDAQ: MDXG
CASE NUMBER:
COURT: U.S. District Court for the Northern District of Georgia
PRACTICE AREA: Investor Fraud
STATUS: Investigation
CLASS PERIOD: March 7, 2013 - February 21, 2018
LEAD PLAINTIFF DEADLINE: April 25, 2018
DATE FILED:
COURT LOCATION:
RELATED DOCUMENTS:
CONTACT:
510-725-3000 MDXG@hbsslaw.com

Hagens Berman reminds investors in MiMedx Group, Inc. (NASDAQ: MDXG) of the April 25, 2018 Lead Plaintiff deadlin in the securities class action pending in the U.S. District Court for the Northern District of Georgia.  If you purchased or otherwise acquired shares of MDXG between March 7, 2013 and February 21, 2018 contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing MDXG@hbsslaw.com.

On February 20, 2018, MiMedx postponed release of its fourth quarter and fiscal year 2017 financial results.  Defendants explained “[t]he Audit Committee of MiMedx’s Board of Directors has engaged independent legal and accounting advisors to conduct an internal investigation into current and prior-period matters relating to allegations regarding certain sales and distribution practices at the Company” and “Company executives are also reviewing, among other items, the accounting treatment of certain distributor contracts[.]”

This news drove the price of MiMedx shares down $5.72, or nearly 40%, to close at $8.75 on February 20, 2018.

Then, Reuters reported federal authorities are investigating whether MiMedx overcharged the government for its tissue-repair products and whether it improperly booked sales of products that hadn’t been ordered, a practice known as channel stuffing.

“We’re focused on Defendants’ previous denials of improper accounting that, if false, damaged investors and on whether MiMedx submitted false claims to the Federal government,” said Hagens Berman partner Reed Kathrein.

Whistleblowers:  Persons with non-public information regarding MiMedx should consider their options to help in the investigation or take advantage of the SEC Whistleblower program.  Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.  For more information, call Reed Kathrein at 510-725-3000 or email mdxg@hbsslaw.com.


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