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 - EconoTimes)
NEW YORK, Feb. 26, 2018 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against MiMedx Group, Inc. (“MiMedx” or the “Company”) (NASDAQ:MDXG) in the United States District Court for the Northern District of Georgia on behalf of a class consisting of investors who purchased or otherwise acquired MiMedx securities on the open market from March 7, 2013 through February 19, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that in December of 2016, the Company 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. The Company denied these claims. And in September 2017, when market analysts published reports purportedly corroborating these allegations, among others, the Company again denied any wrongdoing and sued for defamation.
On February 20, 2018, the Company announced that its 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. The Company executives are also reviewing, among other items, the accounting treatment of certain distributor contracts.” On this news, the Company’s stock fell more than 39% to close at $8.75 on February 20, 2018.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the April 25, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
