ATLANTA, June 4, 2014 /PRNewswire/ -- The Securities and Exchange Commission (SEC) has dismissed its civil lawsuit against Parker H. "Pete" Petit. The dismissal comes five years after the SEC began its investigation and weeks before it was scheduled for trial.
Regarding the SEC, Mr. Petit stated, "I very much appreciate the role the SEC plays in policing the markets and protecting the public from unscrupulous practices. I am also pleased the SEC has decided to dismiss the case against me, and I obviously believe the Commission made the right decision. However, I think this action should have occurred much sooner."
Aaron M. Danzig and Jennifer Shelfer of Arnall Golden Gregory LLP, represented Mr. Petit. "We have worked for almost five years defending Mr. Petit. He is a pillar in the Atlanta community through his business innovation, job creation and philanthropy at Georgia Tech, Georgia State and other entities. Dismissing the case was the right thing for the SEC to do," said Mr. Danzig, a former federal prosecutor.
The SEC had alleged that in 2007, when Mr. Petit was Chairman and CEO of Matria Healthcare, he provided information to a friend who made two purchases of Matria stock. The purchases were made three months and one month prior to the announcement of the sale of Matria in January 2008. Mr. Petit was not alleged to have received any money stemming from the friend's purchase, which had netted the friend actual profits of $9,899 after holding the shares for over six months. Mr. Petit has always denied the SEC's allegations in the lawsuit.
On June 3, 2014, the SEC dismissed the case. The SEC initially sought substantial penalties and disgorgement from Mr. Petit and the purchaser. The SEC also sought to prohibit Mr. Petit from serving as an officer and director of a public company. With the lawsuit dismissed, Mr. Petit will not pay any money and will not be restricted from serving public companies in any capacity.
Additional details and information can be reviewed at www.petepetit.com under the SEC tab.
Currently, Mr. Petit is the Chairman and CEO of MiMedx Group, (NASDAQ: MDXG), a developer, processor, and marketer of regenerative biomaterials and bioimplants. "I am gratified that this case was dismissed by the Commission so that I can totally focus on my responsibilities at MiMedx and with my community activities," Mr. Petit said.
About Parker H. (Pete) Petit Pete Petit received his bachelor's degree in Mechanical Engineering and Master of Science degree in Engineering Mechanics from Georgia Tech, and his MBA degree in Finance from Georgia State University in 1973.
In 1970, Mr. Petit founded Healthdyne, an internationally-based multi-subsidiary company that manufactured high technology healthcare devices, provided healthcare information systems and technology, and provided healthcare services and disease management. The Healthdyne related companies grew to annual revenues in excess of $1 billion.
In 1995, Healthdyne Maternity Management was merged with Tokos Medical to form Matria Healthcare, and Mr. Petit assumed the duties of Chairman, President and CEO of Matria Healthcare in October of 2000. Inverness Medical Innovations acquired Matria Healthcare in May 2008. Mr. Petit now serves as the Chairman and CEO of MiMedx Group, a fast growth regenerative biomaterials company.
Mr. Petit has been a member of the Board of Directors of the Georgia Research Alliance, which is chartered by the state of Georgia to promote high technology and scientific development in the state, and he is a 1994 inductee into the Technology Hall of Fame of Georgia. He serves on the Board of Trustees of the National Health Museum. He is a member of the National Academy of Engineering.
Mr. Petit funded a professorial chair for "Engineering in Medicine" at Georgia Tech in 1986. In 1995, he endowed the Petit Institute for Bioengineering and Biosciences at Georgia Tech. In 2001, he helped fund the biotechnology building at Georgia Tech which has his name, and in 2004 the Science Center building at Georgia State University, which also has his name. In 2007, he was inducted into the Georgia State Business School Hall of Fame. In 2010, Mr. Petit donated $1.5 million to Georgia State University's Athletic Department in support of its new football team. Mr. Petit has also funded the Parker H. Petit Director's Chair in Bioengineering and Bioscience which is Georgia Tech's first endowed chair designated for a research institute.
Mr. Petit is currently the Chairman and CEO of MiMedx Group, a fast growth developer, processor, and marketer of regenerative biomaterials and bioimplants.
SOURCE Parker H. Petit