Lawsuit Overview
Settlement Overview
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November 17,2016 - The court ordered the authorization of the distribution of the net settlement fund.
April 5, 2016 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
November 19, 2015 - The court preliminarily approved the settlement.
November 18, 2015 - Parties filed a stipulation of settlement.
August 13, 2014 - The court denied the defendants' motion to dismiss.
February 26, 2014 - Defendants filed a motion to dismiss.
January 27, 2014 - The lead plaintiff filed an amended consolidated complaint.
December 10, 2013 - All cases were consolidated.
December 3, 2013 - The lead plaintiff and lead counsel were appointed.
November 22, 2013 - Lead plaintiff motion and motion to consolidate case 13-CV-06302 withdrawn.
November 22, 2013 - Cases (13-CV-06302 and 13-CV-06328) transferred to the U.S District Court for the Northern District of Georgia are to be further consolidated with cases 13-CV-03074 and 13-CV-03128 and main case number assigned to the consolidated cases will be 13-CV-04012.
November 21, 2013 - The court ordered the cases 13-CV-06302 and 13-CV-06328 transferred to the U.S. District Court for the Northern District of Georgia.
November 8, 2013 - Lead plaintiff motions and a motion to consolidate cases 13-CV-06302 and 13-CV-06328 were filed.
September 10, 2013 - Another investor filed a complaint in the U.S. District Court for the Southern District of New York on behalf of investors who purchased MiMedx Group Inc (NASDAQ: MDXG) common shares between October 26, 2011 and September 3, 2013.
September 9, 2013 - 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 March 15, 2013 and September 4, 2013.
According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of MiMedx Group Inc (NASDAQ: MDXG) between March 15, 2013 and September 4, 2013, that MiMedx Group Inc and certain of its officers violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that the defendants issued between March 15, 2013 and September 4, 2013 materially allegedly false and misleading statements about whether its AmnioFix product required U.S. Food and Drug Administration approval to be manufactured and marketed.
MiMedx Group Inc reported that its annual Total Revenue increased from $7.76 million in 2011 to $27.05 million in 2012 and that its respective Net Loss declined from $10.19 million to $7.66 million.
Shares of MiMedx Group Inc (NASDAQ: MDXG) grew from $1.15 per share in March 2012 to as high as $7.72 per share in May 2013.
Then 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.
Shares of MiMedx Group Inc (NASDAQ: MDXG) dropped from $6.20 per share to as low as $2.20 per share on September 4, 2013.
On September 9, 2013, NASDAQ: MDXG shares closed at $4.05 per share.