MiMedx Board Applauds Dismissal Of Lawsuit Against Chairman & CEO
MARIETTA, Ga., June 4, 2014 /PRNewswire/ -- The Board of Directors of MiMedx Group, Inc. (NASDAQ: MDXG), announced today that the Board applauds the dismissal of the lawsuit brought by the Securities and Exchange Commission ("SEC") against the Company's Chairman and CEO, Parker H. "Pete" Petit.
The SEC had brought a civil action against Mr. Petit alleging that in 2007, when he was Chairman and CEO of Matria Healthcare, Inc. (NASDAQ: MATR), he provided inside information to a friend who subsequently purchased Matria Healthcare stock. The case did not involve MiMedx or MiMedx stock in any way. On June 4, 2014, the SEC dismissed the case against Mr. Petit.
Larry W. Papasan, Chairman of the Nominating and Governance Committee of MiMedx's Board, commented, "As stated in the press release we issued on January 11, 2012, the Board supported Mr. Petit based on its review of the evidence available to it, as well as his exemplary business career and impeccable reputation. We are delighted that the SEC has decided to dismiss this case. Although Mr. Petit never waivered in his focus on and commitment to MiMedx and its shareholders, we are glad that this matter is behind him. We look forward to many years of his continued, inspiring leadership."
MiMedx® is an integrated developer, processor and marketer of patent protected regenerative biomaterial products and bioimplants processed from human amniotic membrane. "Innovations in Regenerative Biomaterials" is the framework behind our mission to give physicians products and tissues to help the body heal itself. Our biomaterial platform technologies include AmnioFix® and EpiFix®, our tissue technologies processed from human amniotic membrane that is derived from donated placentas. Through our donor program, mothers delivering full-term Caesarean section births can elect in advance of delivery to donate the placenta in lieu of having it discarded as medical waste. We process the human amniotic membrane utilizing our proprietary PURION® Process, to produce a safe and effective implant. MiMedx® is the leading supplier of amniotic tissue, having supplied over 225,000 allografts to date for application in the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental sectors of healthcare.
SOURCE MiMedx Group, Inc.