Ex-MiMedx Execs Charged With Cooking Biotech Co.'s Books

Law360 (November 26, 2019, 6:48 PM EST) -- Two former top executives of MiMedx Group Inc. on Tuesday were hit with securities fraud charges by New York federal prosecutors over a purported multi-pronged scheme to falsely inflate the biotech company's revenue.

Prosecutors say former MiMedx CEO Parker "Pete" Petit, 80, and former President and Chief Operating Officer William Taylor, 51, fraudulently manipulated the Marietta, Georgia-based company's 2015 revenue results by millions of dollars.

Petit and Taylor caused MiMedx, which sells regenerative biologic products including skin grafts and amniotic fluid, to falsely recognize revenue stemming from four unnamed distributors in order to meet the company's quarterly and annual revenue guidance,...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!