NEW YORK, Feb. 25, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of MiMedx Group, Inc. ("MiMedx" or the "Company") (Nasdaq:MDXG) between February 26, 2014 and December 31, 2014, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased MiMedx during the Class Period, you may, no later than April 20, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the MiMedx Shareholder Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
MiMedx is an integrated developer, manufacturer and marketer of patent protected regenerative biomaterial products and allografts processed from human amniotic membrane. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and omitted materially adverse facts about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company was in violation of federal regulations by engaging in improper marketing and sales practices; and (2) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on December 31, 2014, after the close of trading, the Company issued a press release announcing the receipt of a civil subpoena from the Office of Inspector General of the Department of Health and Human Services. The Company also announced on the same day that it has filed a federal tortious interference lawsuit against one of its competitors for tortious interference of contract, alleging that it had interfered with MiMedx's dealings with the Veterans Administration.
Following this news, shares in MiMedx dropped more than 15%, closing at $9.74 per share on January 2, 2015, on unusually heavy trading volume of over 5.4 million shares.
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