SAN FRANCISCO, Sept. 28, 2017 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in MiMedx Group, Inc. (NASDAQ: MDXG) to the firm's investigation into possible securities law violations. If you purchased or otherwise acquired securities of MDXG between May 1, 2017 and September 27, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing
On September 20, 2017, Aurelius Value published a report entitled "MiMedx: Flying Too Close To The Sun" questioning whether MiMedx has engaged in improper "channel stuffing" in violation of Generally Accepted Accounting Principles ("GAAP"). This news drove the price of MiMedx shares down over 6% to close at $12.34 on September 20, 2017.
The next day, the Company announced it received a subpoena from the SEC primarily related to channel stuffing allegations by former employees and there was a completed independent investigation into these matters.
On September 27, 2017, SeekingAlpha published another Aurelius report entitled "MiMedx: Undisclosed Details Undermine 'Independent' Investigation'" claiming certain members of the Company's Audit Committee and its outside counsel, both of whom were involved in the completed investigation, were not actually independent. This news drove the price of MiMedx shares down over 3.5% during intraday trading on September 27, 2017.
"We're assessing the matters highlighted by Aurelius and others, potential improper revenue recognition and other GAAP violations, and investors' damages," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding MiMedx should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email MDXG@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 11 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
View original content with multimedia:http://www.prnewswire.com/news-releases/mimedx-group-investor-alert-hagens-berman-alerts-mimedx-group-investors-to-investigation-into-possible-securities-law-violations-related-to-report-questioning-mimedxs-accounting-practices-300527520.html
SOURCE Hagens Berman Sobol Shapiro LLP