WILMINGTON, Del., Jan. 25, 2016 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit filed on behalf of investors of MiMedx Group, Inc. (NASDAQ:MDXG) (“MiMedx Group” or the “Company”) has been settled.
A copy of the complaint is available from the Court or from Andrews & Springer LLC. If you currently own shares of MiMedx Group and want to receive additional information about your rights, free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/MDXG or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
According to the lawsuit, on September 4, 2013, the Food and Drug Administration ("FDA") posted a letter notifying the Company that it was unlawfully manufacturing drugs at one of its plants. Specifically, the "Untitled Letter," dated August 28, 2013, concerned MiMedx's amniotic/chorionic-based products, including AmnioFix Injectable, AccelShield Injectable, and EpiFix Injectable, intended for reducing inflammation and scar tissue formation, as well as for enhancing soft tissue wound healing.
According to the FDA's Untitled Letter, "[n]one of the amniotic/chorionic-based products...are the subject of an approved biologics license application . . . nor are there [investigational new drug applications] in effect for any of these products. Based on this information, we have determined that your actions have violated the [Federal Food, Drug, and Cosmetic] Act and the [Public Health Service] Act."
On September 4, 2013, MiMedx confirmed its receipt of the Untitled Letter from the FDA. On this news, MiMedx's stock fell more than 36%, to close at $3.85 per share.
As a result of the foregoing news, on September 13, 2013, a MiMedx shareholder represented by another law firm filed a class action complaint against MiMedx for federal securities fraud. The complaint was filed in the United States District Court, Northern District of Georgia, Case No. 1:13-cv-3074.
On December 4, 2015, an announcement was made that the lawsuit has been settled for $2,979,000.
If you currently own shares of MiMedx and want to receive additional information about your rights, free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/MDXG or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.