NEW YORK, Oct. 16, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of all those who purchased securities of MiMedx Group, Inc. (NASDAQ: MDXG) ("MiMedx" or the "Company") between October 26, 2011 and September 4, 2013, inclusive (the "Class Period").
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (a) the Company violated the Public Health Service Act by unlawfully manufacturing and marketing certain unapproved biologics products; and (b) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On September 4, 2013, MiMedx acknowledged the receipt of a letter from the Food and Drug Administration ("FDA") which stated that MiMedx's Surgical Biologics unit violated the Public Health Service Act by unlawfully manufacturing and marketing drugs at one of its plants. On this news, MiMedx securities fell more than 36%, closing at $3.85 per share on September 4, 2013.Plaintiffs seek to recover damages on behalf of all Class members who invested in MiMedx securities during the Class Period. If you invested in MiMedx securities as described above during the Class Period, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than November 8, 2013. A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.