If I were a MiMedx shareholder, I would be very disappointed by the press release today.
For all the long-winded wriggling and squirming, management fails to address the central issue: why didn't they disclose receipt of the FDA letter ??
In « How to run a public company 101 », the first thing they teach is DISCLOSE. Good news or bad news, disclose it. Got something you're not sure is material ? Err on the side of disclosure. Let the shareholders and the marketplace decide if it's material (if it isn't, no harm done).
In a climate that demands timely 8-K disclosures, management sat on an important letter from the FDA. The public found out about it days later on an FDA web site. That smells bad. Smells like they were trying to cover up rather than disclose and let the chips fall where they may. That's why the lawyers are all over this like white on rice and why it isn't going to go away so easily.
The press release was an opportunity to clarify. But the parting shot from the CEO, « Disregard the self-serving comments of those plaintiffs' attorneys », suggests he still doesn't get it. Not the way to build trust with shareholders and industry.