Hynes Keller & Hernandez, LLC is investigating potential claims against certain officers and directors of MiMedx Group, Inc. (NASDAQ: MDXG). Our investigation focuses on whether MiMedx’s officers and/or directors breached their fiduciary duties to MiMedx’s shareholders or otherwise violated state or federal laws.
In April 2018, investors in MiMedx brought a class action complaint against the Company in federal court, alleging that between March 7, 2013 and February 21, 2018, MiMedx was engaged in a “channel-stuffing” scheme designed to inappropriately recognize revenue that had not yet been realized and that the Company lacked adequate internal controls over financial reporting.
Then, on June 7, 2018, MiMedx announced that it would restate its financial statements for the fiscal years of 2012, 2013, 2014, 2015, and 2016, along with its interim financial statements released in March, June, and September 2017. The Company also disclosed that all financial information for the fourth quarter of 2017 and first quarter of 2018 could not be relied upon. MiMedx also withdrew its projections for fiscal year 2018. As part of its announcement, MiMedx disclosed that its Chief Financial Officer and Corporate Controller left those roles on June 6, 2018.
More recently, the Company appointed Charles R. Evans, previously the Company’s lead independent director, as chairman of the board, replacing Parker H. “Pete” Petit who resigned as board chairman and chief executive. It named David Coles to serve as interim CEO, according to a press release. Chief operating officer William C. “Bill” Taylor also resigned his role and left the board.
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