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MiMedx Group Inc (NASDAQ: MDXG) Investor Securities Class Action Lawsuit 02/19/2015

  • If you purchased shares of MiMedx Group Inc (NASDAQ: MDXG), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
MiMedx Group Inc
Security
NASDAQ: MDXG

Case Name
MiMedx Shareholder Class Action Lawsuit 02/19/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

April 23, 2015 - The court ordered the case closed.
April 22, 2015 - The plaintiff filed a notice of voluntary dismissal without prejudice.

February 19, 2015 - An investor in shares of MiMedx Group Inc (NASDAQ: MDXG) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by MiMedx Group Inc in connection with certain allegedly false and misleading statements made between February 26, 2014 and December 31, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of MiMedx Group Inc (NASDAQ: MDXG) common shares between February 26, 2014 and December 31, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims 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 September 4, 2013, MiMedx Group Inc confirmed that it is in receipt of an Untitled Letter from the Food and Drug Administration ( FDA ) in connection with MiMNedx Group Inc’s Amnion / Chorion Injectable products' eligibility for marketing solely under Section 361 of the Public Health Service Act.

On December 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.

Shares of MiMedx Group Inc (NASDAQ: MDXG) declined from $11.73 per share on December 31, 2014, to as low as $7.92 per share on February 2, 2015.

On February 20, 2015, NASDAQ: MDXG shares closed at $9.86 per share.