Cases
MiMedx Group, Inc. (MDXG)
Securities Class Action
Overview
Overview
- Date:
- 2/27/2018
- Company Name:
- MiMedx Group, Inc.
- Stock Symbol:
- MDXG
- Class Period:
- FROM 3/7/2013 TO 2/21/2018
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Northern Georgia
NEW YORK, February 27, 2018 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Georgia on behalf of all persons or entities who purchased or otherwise acquired MiMedx Group, Inc. (NASDAQ: MDXG) securities between March 7, 2013 and February 21, 2018 (the “Class Period”). Investors have until April 25, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On February 20, 2018, MiMedx announced that it will postpone the release of its financial results, as well as the filing of its Form 10-K, for the year ended December 31, 2017. This raised further concerns over the reports of short sellers who had accused MiMedx of “serious and pervasive fraud.” Following this news, the stock price of MiMedx fell $5.72 per share, or over 39%, to close at $8.75 per share on February 20, 2018
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) MiMedx was engaged in a "channel-stuffing" scheme designed to inappropriately recognize revenue that had not yet been realized; (ii) the Company lacked adequate internal controls over financial reporting; and (iii) that as a result of the foregoing, MiMedx's publicly disseminated financial statements were materially false and misleading.
If you purchased or otherwise acquired MiMedx securities and suffered a loss, continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On February 20, 2018, MiMedx announced that it will postpone the release of its financial results, as well as the filing of its Form 10-K, for the year ended December 31, 2017. This raised further concerns over the reports of short sellers who had accused MiMedx of “serious and pervasive fraud.” Following this news, the stock price of MiMedx fell $5.72 per share, or over 39%, to close at $8.75 per share on February 20, 2018
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) MiMedx was engaged in a "channel-stuffing" scheme designed to inappropriately recognize revenue that had not yet been realized; (ii) the Company lacked adequate internal controls over financial reporting; and (iii) that as a result of the foregoing, MiMedx's publicly disseminated financial statements were materially false and misleading.
If you purchased or otherwise acquired MiMedx securities and suffered a loss, continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.