NewsFeeder
Headline News
MiMedx to pay $1.5 million to settle SEC probe of accounting practices
MiMedx Group Inc. said Tuesday it has reached a settlement with the Securities and Exchange Commission to resolve a probe of its accounting practices. The company, which specializes in advanced wound care, will pay $1.5 million in a civil penalty and will enter a final judgment, subject to court approval, that will permanently restrain it from violating certain provisions of federal securities laws. The settlement is not part of a criminal investigation of the company that is currently being conducted by the United States Attorney's Office for the Southern District of New York, also relating to accounting issues. "The company is cooperating fully with that ongoing criminal investigation," it said in a statement. MiMedx overhauled its board in May after an internal probe of top executives found that they had spied on employees to discredit whistleblowers. The company's chief executive and chief operating officers resigned in July during an internal audit that found they and the company's former controller knew about revenue manipulation practices related to deals with its largest distributor. Shares were slightly higher Tuesday, but has gained 21% in the last month, while the S&P 500 has gained about 4%.
https://finance.yahoo.com/m/c615576.../mimedx-to-pay-$1.5-million-to.html?.tsrc=rss
MiMedx Group Inc. said Tuesday it has reached a settlement with the Securities and Exchange Commission to resolve a probe of its accounting practices. The company, which specializes in advanced wound care, will pay $1.5 million in a civil penalty and will enter a final judgment, subject to court approval, that will permanently restrain it from violating certain provisions of federal securities laws. The settlement is not part of a criminal investigation of the company that is currently being conducted by the United States Attorney's Office for the Southern District of New York, also relating to accounting issues. "The company is cooperating fully with that ongoing criminal investigation," it said in a statement. MiMedx overhauled its board in May after an internal probe of top executives found that they had spied on employees to discredit whistleblowers. The company's chief executive and chief operating officers resigned in July during an internal audit that found they and the company's former controller knew about revenue manipulation practices related to deals with its largest distributor. Shares were slightly higher Tuesday, but has gained 21% in the last month, while the S&P 500 has gained about 4%.
https://finance.yahoo.com/m/c615576.../mimedx-to-pay-$1.5-million-to.html?.tsrc=rss
