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Tag Archive for: EpiFix

Posts

Halunen Law Launches Securities Fraud Investigation Against MiMedx Group

Halunen Law Launches Securities Fraud Investigation Against MiMedx Group Inc.

December 27, 2016/in BLOG, NEWS /by Halunen Law

Halunen Law Launches Securities Fraud Investigation Against MiMedx Group MINNEAPOLIS–(BUSINESS WIRE)–Halunen Law (www.halunenlaw.com) has initiated an investigation into MiMedx Group, Inc. (NASDAQ: MDXG) (“MiMedx” or the “Company”) regarding whether the Company’s board breached its fiduciary duties to shareholders or engaged in other violations of state or federal law.

On Dec. 15, 2016, Halunen Law filed a complaint on behalf of two employee whistleblowers against MiMedx and its Chief Executive Officer, Parker Petit, in the U.S. District Court for the District of Minnesota (No. 16-cv-4171). The complaint alleges that MiMedx and its senior executives have engaged in the illegal practice of booking phantom sales of one of the company’s most lucrative product lines, EpiFix, for the purposes of artificially inflating revenue and deceiving MiMedx’s shareholders. While developing the factual background for this whistleblower lawsuit, Halunen Law uncovered what it believes to be evidence of securities fraud by MiMedx since at least 2014. As alleged in Halunen Law’s whistleblower complaint, “CEO Parker ‘Pete’ Petit ordered the MiMedx sales force to submit false orders for unpurchased product for the purpose of recognizing the ‘revenue’ in the company’s financial statements.”

Access the original amended complaint against MiMedx at: https://1drv.ms/f/s!Apr_gPRDSPDNgfww6C1lM2CNA3PfKg

Halunen Law is a national class action law firm with offices in Minneapolis and Chicago. For more information on Halunen Law, visit the firm’s website at www.halunenlaw.com.

Contacts at Halunen Law

If you are a MiMedx shareholder and are concerned about your rights, or if you possess information that would assist Halunen Law in its investigation of this matter, please contact:

Chris Moreland Halunen Law

Chris J. Moreland
612-638-5019
moreland@halunenlaw.com

 

Halunen Law - Whistleblower Claim MiMedx Group Defrauded Investors

Whistleblowers Claim MiMedx Group, Inc. Defrauded Investors in Lawsuit Filed by Halunen Law

December 16, 2016/in BLOG, NEWS, WHISTLEBLOWERS /by Halunen Law

Halunen Law - Whistleblower Claim MiMedx Group Defrauded Investors MINNEAPOLIS – (Dec. 15, 2016) The MiMedx Group (NASDAQ: MDXG) persistently inflated its quarterly revenue figures over several years, using a fraudulent practice known as “channel stuffing” to book sales of products that customers never ordered, according to a whistleblower lawsuit filed by Halunen Law against the company and its CEO today in federal district court in Minneapolis. When two top company salespeople objected to being part of what they perceived to be a scheme to defraud shareholders and the investing public, senior-level executives retaliated with threats, intimidation, and ultimately, termination, according to the lawsuit.

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