An investigation on behalf of current long-term investors in shares of MiMedx Group Inc (NASDAQ:MDXG) was announced over potential breaches of fiduciary duties by certain MiMedx Group directors.
Marietta, GA based MiMedx Group, Inc. is an integrated developer, manufacturer and marketer of regenerative biomaterial products and bioimplants processed from human amniotic membrane. Shares of MiMedx Group Inc (NASDAQ:MDXG) declined from $12.97 per share in July 2015 to as low as $6.71 per share on October 29, 2015.
Investors who purchased shares of MiMedx Group Inc (NASDAQ:MDXG) and currently hold any of those NASDAQ:MDXG shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain MiMedx Group Inc (NASDAQ:MDXG officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On September 4, 2013, MiMedx Group Inc confirmed that it is in receipt of an “Untitled Letter” from the Food and Drug Administration (“FDA”). MiMedx Group Inc said that the letter questions the Company’s Amnion / Chorion Injectable products’ eligibility for marketing solely under Section 361 of the Public Health Service Act. MiMedx Group Inc stated that according to the FDA”s website an “Untitled Letter is an initial correspondence with regulated industry that cites violations that do not meet the threshold of regulatory significance for a Warning Letter.”
On September 10, 2013, a lawsuit was filed against MiMedx Group Inc over alleged securities laws violations. The plaintiff alleged that defendants made false and/or misleading statements and/or failed to disclose that: MiMedx Group Inc was in violation of the Public Health Service Act by unlawfully manufacturing and marketing certain unapproved biologics products, and that as a result of the foregoing, MiMedx Group Inc’s statements were materially false and misleading at all relevant times.
On Dec. 31, 2014 MiMedx Group Inc announced that it has received a subpoena from the Office of Inspector General (“OIG”) of the Department of Health and Human Services (“HHS”) in connection with a civil investigation into matters primarily related to the Company’s sales and marketing activities. MiMedx Group Inc said it intends to cooperate fully with the government in its investigation, and the Company will attempt to expedite the process.
The same day MiMedx Group Inc announced that it had filed a lawsuit against one of its competitors, Organogenesis, Inc. for allegedly tortious interference of contract, alleging that it had interfered with MiMedx Group Inc’s dealings with the Veterans Administration. Within a matter of weeks, MiMedx Group Inc voluntarily dismissed the lawsuit.
On February 19, 2015 a lawsuit was filed against MiMedx Group Inc over alleged securities laws violations. The plaintiff claimed that the defendants made allegedly false and/or misleading statements and/or failed to disclose that MiMedx Group Inc was in violation of federal regulations by engaging in improper marketing and sales practices, and that as a result of the foregoing, MiMedx Group Inc’s statements were materially false and misleading at all relevant times.
On November 17, 2015, NASDAQ:MDXG shares closed at $8.12 per share.
Those who purchased shares of MiMedx Group Inc (NASDAQ:MDXG) have certain options and should contact the Shareholders Foundation.
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