NEW YORK--(BUSINESS WIRE)--The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of MiMedx Group Inc. (NASDAQ:MDXG) who purchased shares between March 7, 2013 and February 19, 2018. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially 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. On February 20, 2018, MiMedx announced that it would postpone the release of its financial results and Form 10-K filing for the year ended December 31, 2017. MiMedx stated it had engaged “independent legal and accounting advisors to conduct an internal investigation into current and prior-period matters relating to the allegations regarding certain sales and distribution practices at the Company.” Following this news, shares of MiMedx fell from a close of $14.47 per share on February 16, 2018 to a close of $8.75 on February 20, 2018.
Shareholders have until April 25, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/mimedx-group-inc.
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.