NEW YORK--(BUSINESS WIRE)--Kirby McInerney LLP announced today that a class action lawsuit is pending in the United States District Court for the Southern District of New York on behalf of investors who acquired MiMedx Group, Inc. (“MiMedx” or the “Company”) (Nasdaq:MDXG) securities during the period from February 26, 2014 through December 31, 2014 (the “class period”). Pursuant to applicable law, investors have until April 20, 2015 to file a motion to be appointed as lead plaintiff in the investor lawsuit.
The lawsuit charges that the Company failed to disclose that it violated federal regulations by engaging in improper marketing and sales practices. Specifically, the complaint alleges that, despite the Company’s statements that it “must comply with various federal and state anti-kickback, self-referral, false claims and similar laws,” the MiMedx senior management routinely engaged in illegal sales practices, such as demanding that MiMedx Sales Mangers add extra products to open purchase orders, to boost sales.
On December 31, 2014, the Company issued a press release announcing the receipt of a subpoena from the Office of Inspector General of the Department of Health and Human Services. In the press release, the Company indicated that the subpoena was issued “in connection with a civil investigation into matters primarily related to the Company’s sales and marketing activities.”
In reaction to this news, MiMedx securities declined from $11.53 on December 31, 2014 to $9.74 per share on January 2, 2015; a decline of more than 15%.
If you acquired MiMedx securities during this period and you are interested in learning more about this matter and any rights you might have with respect to these claims, contact Wilona Karnadi or Jess Kelley at firstname.lastname@example.org, by telephone at (212) 371-6600, or by filling out this form. Please bear in mind that some of these rights may be time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades. Kirby McInerney LLP has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against MiMedx can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.