The Securities and Exchange Commission has charged biotech company MiMedx Group and three of its former top executives with defrauding investors by misstating the company’s revenue and attempting to cover up their misconduct.MiMedx has agreed to settle with the SEC, without admitting or denying the allegations, by consenting to the entry of a final judgment, subject to court approval, that permanently restrains and enjoins the company from violating certain provisions of the federal securities laws. MiMedx has agreed to settle with the SEC, without admitting or denying the allegations, by consenting to the entry of a final judgment, subject to court approval, that permanently restrains and enjoins the company from violating certain provisions of the federal securities laws. "Bringing this investigation to conclusion is another step toward the Company's commitment to resolve past issues and move forward without distraction from our efforts in advanced wound care. MiMedx will also agree to pay a civil penalty in the amount of $1.5 million.MiMedx cooperated with the SEC during the investigation. The SEC also charged Petit, Taylor, and Senken with lying to MiMedx’s outside auditors. MiMedx entered into an agreement with the Justice Department on April 6 to settle a civil investigation into claims that it defrauded the government by overcharging for skin-graft products. “This action reflects our commitment to holding issuers and their senior officers accountable for failing to provide accurate financial statements to the investing public, while the settlement with MiMedx gives appropriate credit for the company’s later remediation and cooperation.”The SEC’s complaint, filed Nov. 26 in the Southern District of New York, charges all defendants with violating the anti-fraud, reporting, books and records, and internal control provisions of the federal securities laws. Washington D.C., Nov. 26, 2019 — As previously disclosed, several members of prior management were separated from the company, and those separations were later determined to be ’for cause,’ based on the audit committee’s independent investigation.”“We are focused on our future as a mission-centered healthcare company and are committed to continued implementation of strong financial systems and independent oversight controls, which reflect both sound business practices and an ethical culture,” Chief Executive Officer Timothy Wright stated.

The company also is conducting a formal search to fill the newly established positions of chief accounting officer and internal auditor, amid an ongoing investigation into accounting violations. The SEC’s complaint, filed Nov. 26 in the Southern District of New York, charges all defendants with violating the anti-fraud, reporting, books and records, and internal control provisions of the federal securities laws. MiMedx (OTC PINK: MDXG), once one of metro Atlanta's fastest-growing biomedical companies, was engulfed in 2018 by a federal investigation of its sales practices. Welcome to ComplianceWeek.com. The company has supplied more than 1.5 million allografts to date.I am a veteran writer, reporter and editor who’s worked on staff at the Philadelphia Daily News, the Philadelphia Inquirer and TV Guide and was a regular contributor toI am a veteran writer, reporter and editor who’s worked on staff at the Philadelphia Daily News, the Philadelphia Inquirer and TV Guide and was a regular contributor to the since departed magazines Premiere, Individual Investor and Yahoo! MiMedx is also cooperating fully with that investigation, which is ongoing.The U.S. Attorney’s office has charged MiMedx’s former chairman and CEO Parker “Pete” Petit and former COO William Taylor with securities fraud for allegedly inflating the Georgia biotech’s revenue.“As alleged, Parker Petit and William Taylor deceived the SEC, auditors, and the investing public by repeatedly misrepresenting the financial condition of a publicly traded company,” U.S. Attorney Geoffrey Berman said in a statement. I also have co-written three books, including The Student Athlete’s Handbook for John Wiley & Sons and wrote the story for the 2012 Sony Pictures Classics Release, “Hysteria,” starring Maggie Gyllenhaal and Hugh Dancy.Opinions expressed by Forbes Contributors are their own. Focus on LIBOR transition may have slipped during the coronavirus pandemic, but the recent conversation among regulators is once again looking toward life after the soon-expiring reference rate. “This action reflects our commitment to holding issuers and their senior officers accountable for failing to provide accurate financial statements to the investing public, while the settlement with MiMedx gives appropriate credit for the company’s later remediation and cooperation.”The SEC’s complaint, filed today in the Southern District of New York, charges all defendants with violating the antifraud, reporting, books and records, and internal control provisions of the federal securities laws. The Securities and Exchange Commission today charged Georgia-based biotech company MiMedx Group Inc. and three former top executives with defrauding investors by misstating the company’s revenue and attempting to cover up their misconduct. The SEC also alleges that Petit, Taylor, and Senken all misled MiMedx’s outside auditors, members of MiMedx’s Audit Committee, and outside lawyers who inquired about these transactions.“As alleged in our complaint, MiMedx’s former executives misled investors about the growth of MiMedx’s revenues and then repeatedly concealed their fraud,” said Kurt Gottschall, Director of the SEC’s Denver Regional Office. The SEC also charged Petit, Taylor, and Senken with lying to MiMedx’s outside auditors. MiMedx Group, a developer and marketer of regenerative and therapeutic biologics, has appointed Mark Graves as chief compliance officer.

MiMedx has agreed to a settlement to resolve the claims.The SEC alleges that from 2013 to 2017, MiMedx prematurely recognized revenue from sales to MiMedx’s distributors and exaggerated MiMedx’s revenue growth. The U.S. Attorney’s Office for the Southern District of New York is conducting a parallel criminal investigation involving matters similar to those investigated by the SEC. Biotech firm MiMedx Group, which jolted investors last week by delaying its year-end earnings announcement, is under U.S. Justice Department scrutiny related to …


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