Ryan & Maniskas, LLP Files Securities Fraud Class Action Against MiMedx Group, Inc.
WAYNE, Pa., Sept. 26, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP announces that it has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of New York against MiMedx Group, Inc. ("MiMedx" or the "Company") (NASDAQ: MDXG) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from October 26, 2011 through September 4, 2013 (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/mdxg.
MiMedx is a developer, manufacturer and marketer of patent protected regenerative biomaterial products and allografts process from human amniotic membranes. The Company sells its products directly, as well as through a network of third party sales agents and stocking distributors in the United States and internationally.
The complaint brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was in violation of the Public Health Service Act by unlawfully manufacturing and marketing certain unapproved biologics products; and (2) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On September 4, 2013, the Food and Drug Administration ("FDA") posted on its website an "Untitled Letter" sent to MiMedx on August 28, 2013, which stated that MiMedx's Surgical Biologics unit violated the Public Health Service Act by unlawfully manufacturing and marketing drugs at one of its plants, thereby marketing unapproved biologics products. On this news, MiMedx securities declined $2.21 per share or more than 36%, to close at $3.85 per share on September 4, 2013.
If you are a member of the class, you may, no later than November 8, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/mdxg. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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