NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces 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 19, 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the MiMedx Group, Inc. lawsuit, please go to http://www.bespc.com/mimedx. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.