Violations of federal securities laws as a result of a series of materially false statements. 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, including that: (1) it 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. 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. Moreover, the Company announced the same day that it had filed a lawsuit against one of its competitors, Organogenesis, Inc., for tortious interference of contract, alleging that it had interfered with MiMedx's dealings with the Veterans' Administration. Within a matter of weeks, MiMedx voluntarily dismissed the lawsuit. On this news, MiMedx securities declined $1.79 per share, or by more than 15%, to close at $9.74 per share on January 2, 2015, the next trading day. Filed in S.D.N.Y.
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