NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against MiMedx Group, Inc. (NASDAQ:MDXG) (“MiMedx” or the “Company”) and other defendants, related to alleged violations of federal securities laws. If you purchased MiMedx securities between March 7, 2013 through February 19, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information.
MiMedx is a medical device development and supply company that utilized a number of different distributors to deliver its products.
In December 2016, MiMedx was sued by two former employees alleging wrongful termination in relation to their reporting of a “channel-stuffing scheme” to “fraudulently recognize revenue” with regard to a particular distribution contract. At the time, MiMedx denied the claims. In September 2017, market analysts published reports purportedly corroborating the allegations, among others, MiMedx again denied any wrongdoing and sued for defamation.
Then, on February 20, 2018, pre-market, announced that the Company’s audit committee “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. Company executives are also reviewing, among other items, the accounting treatment of certain distributor contracts.”
On this news, MiMedx’s stock price fell more than 39% to close at $8.75 on February 20, 2018.
What You Can Do
If you purchased MiMedx securities between March 7, 2013 through February 19, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org. Investors have until April 25, 2018, to move for lead plaintiff.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.