STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of MiMedx Group, Inc. (Nasdaq: MDXG) (“MiMedx” or the “Company”) securities during the period between March 7, 2013 and February 21, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until April 25, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in MiMedx securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that MiMedx engaged in a channel-stuffing scheme designed to inappropriately recognize revenue that had not yet been realized, that MiMedx failed to disclose its financial ties to physicians, and that the Company lacked adequate internal controls over financial reporting.
According to the complaint, following a February 20, 2018 press release announcing that the Company’s audit committee 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 and that Company executives were also reviewing, among other items, the accounting treatment of certain distributor contracts, the value of MiMedx shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in MiMedx securities purchased on or after March 7, 2013 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at email@example.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.