July 2, 2018 12:04pm
Reiterating from the pre-open’s newsletter …
Mid-session, MDXG is DOWN -$2.23 or -34.90% to $4.16 after closing (Friday) at $6.39 and opening at $4.67
The Board of Directors of MiMedx Group, Inc. (MDXG) announced that Parker H. "Pete" Petit has resigned from his roles as MDXG's Chairman of the Board and Chief Executive Officer but currently remains a director on the Board.
MiMedx also announced that William C. "Bill" Taylor has resigned as President and Chief Operating Officer and as a member of the MiMedx Board.
- These resignations, which follow the recent departures of MDXG's Chief Financial Officer and Corporate Controller and Treasurer, are based on the Board of Directors' business judgment regarding the Company's leadership and direction, and arise, in part, from information the Audit Committee has identified through its previously announced independent investigation.
The MiMedx Board of Directors has named Charles R. Evans, previously the lead independent director, as Chairman of the Board, effective immediately.
The Board has also appointed David Coles to serve as MDXG's interim Chief Executive Officer.
- Mr. Coles is a Managing Director with Alvarez & Marsal, a global professional services firm that advises and provides services to companies in areas that include corporate performance improvement, interim management, healthcare and corporate restructurings.
The Board of Directors has commenced a search to identify and evaluate internal and external candidates to serve as permanent CEO.
A TRAIN WRECK …
- The internal investigation into MDXG's business practices remains ongoing,
- The BOD has concluded that it will need to restate all of its financial statements between fiscal year 2012 and fiscal year 2017,
- The BOD told investors that the report from the first quarter of 2018 "should no longer be relied upon,
- Guidance for 2018 has been withdrawn,
- The SEC and U.S. Department of Justice have issued subpoenas (last year) that need to be respond to and …
It ain’t over until “SOMEONE” goes to JAIL!
This stock is a nuclear hazard - "UNTOUCHEABLE"!