SOURCE: Saxena White P.A.

September 19, 2013 17:28 ET

Saxena White P.A. Files Securities Fraud Class Action Against MiMedx Group, Inc.

BOCA RATON, FL--(Marketwired - Sep 19, 2013) - Saxena White P.A. 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"). 

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. You may obtain a copy of the Complaint and join the class action at www.saxenawhite.com

If you purchased MiMedx stock between October 26, 2011 and September 4, 2013, you may contact Lester Hooker (lhooker@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.

If you purchased MiMedx common stock during the Class Period of October 26, 2011 through September 4, 2013, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than November 8, 2013. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

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