PHILADELPHIA--(BUSINESS WIRE)--The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit has been filed on behalf of investors who purchased MiMedx Group, Inc. (“MiMedx” or the “Company”) (Nasdaq: MDXG) securities on the open market between March 7, 2013 and February 21, 2018, inclusive (the “Class Period”).
MiMedx Group Inc. is a biopharmaceutical company that focuses on biomaterials for soft tissue repair. The Complaint alleges that throughout the Class Period, Defendants falsely represented and/or failed to disclose that MiMedx inappropriately recognized revenue and failed to disclose its financial ties to physicians.
In December 2016, a whistleblower complaint alleged that MiMedx had engaged had fraudulently recognized revenue in connection with a distribution contract with a government contractor. In September 2017, several financial analysts published reports regarding MiMedx’s fraudulent revenue recognition practices. On February 20, 2018, MiMedx announced that its audit committee was investigating sales and distribution practices at the Company, and MiMedx would delay the release of its fourth quarter and fiscal year 2017 financial results. On this news, MiMedx’s share price fell $5.72, or 39.53%, to close at $8.75 on February 20, 2018.
If you purchased MiMedx securities during the Class Period, you may, no later than April 25, 2018, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative chosen by the Court that acts on behalf of other class members in directing the litigation.
If you have sustained substantial losses in MiMedx securities during the Class Period and wish to move to be appointed as Lead Plaintiff, please contact Spector, Roseman & Kodroff, P.C. toll-free at 888-844-5862 or via e-mail at firstname.lastname@example.org. For more detailed information about the firm please visit its website at http://www.srkattorneys.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract, and commercial claims. The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions. The firm has recovered hundreds of millions of dollars through judgments and settlements on behalf of thousands of defrauded shareholders and companies.