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,...
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