That was from last night and why did yiou leave off the ending....This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Exactly.......the SEC did not have to give an extension. Osir had to give them a good reason and proof of why extension should be granted. I am sure we will have more Lawyer advertisements coming soon also
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.9Where is the lawsuit)
Date Open High Low Close Volume Adj Close*
May 27, 2016 5.63 5.75 5.49 5.67 67,800 5.67
May 26, 2016 5.58 5.70 5.48 5.59 92,800 5.59
May 25, 2016 5.50 5.72 5.46 5.59 129,800 5.59
May 24, 2016 5.16 5.49 5.16 5.45 108,300 5.45
May 23, 2016 5.07 5.28 5.05 5.18 126,000 5.18
May 20, 2016 4.91 5.25 4.87 5.07 127,300 5.07
May 19, 2016 5.07 5.31 4.80 4.89 213,300 4.89
Sentiment: Strong Buy
I find it very strange that price went up 6 days in a row after MDXG lawsuit filed in New York and right back to wher it started on "official" announcement of investigation by New York Attorney General and then repeated again this morning. What usually happens when a lawsuit is filed in New York? Let's see if Yahoo let's this post get posted. If so it would be 1 for 3
Nasdaq Acceptance of Compliance Plan
On May 24, 2016, Osiris Therapeutics, Inc. (the "Company") received a notification from The Nasdaq Stock Market ("Nasdaq") that Nasdaq has granted an exception to Nasdaq Listing Rule 5250(c)(1), extending the deadline until September 12, 2016 for the Company to file all delinquent periodic reports with the Securities and Exchange Commission ("SEC"), including the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016. The exception was granted by Nasdaq based on a compliance plan submitted by the Company in response to a previously announced Nasdaq request.
U.S. Attorney Investigation
The Company has been advised by the United States Attorney's Office for the Southern District of New York that a criminal investigation has been opened by that office into what the Company understands to be matters also under investigation, as previously disclosed, by the SEC. As with the SEC investigation, the Company intends to cooperate fully with the investigation being conducted by the U.S. Attorney's Office. The Company is unable to predict the duration, scope or outcome of either investigation or their potential impact on the Company's financial condition and results of operations.
At that time, MiMedx was embroiled in another similar lawsuit with Organogenesis, which makes skin substitute products, for allegedly interfering with its relationship with the Veteran's Administration by providing allegedly false information about wound care.
MiMedx pulled out of the suit that Organogenesis called "frivolous" less than one month later.
Though the drama seemed to die down, the company's beef was renewed when Petit filed a letter to Organogenesis' shareholders in December 2015, noting a short-seller note that was unidentified.
"You may recall that our most troubled competitor, Organogenesis, has tried multiple times to injure MiMedx, and it would not surprise me if they were involved with this document," Petit wrote in a separate press release.
The company's most recent attack against a competitor got personal, too. MiMedx called out Osiris' leadership history, including unrelated criminal charges in its press release.
"Over the last several years, Osiris has had three different chief executive officers, two different chief financial officers, two different chief medical officers and three different outside auditors," Petit said in the release.
"Further, Osiris had a sales executive who pled guilty to Department of Justice charges of conspiracy to commit criminal conflicts of interest, bribery and health care fraud during his tenure with another company."
Sentiment: Strong Buy
The study put out by Osiris showed that 63% of wounds closed completely when the patient used Grafix, and 18.2% for EpiFix. However, the sample sizes were different - the company tested Grafix on 46 patients, while EpiFix was tested on 55.
Further, the company did not control for types of wounds testing the products.
"Unfortunately, this press release is yet another item on the growing list of issues that Osiris has had of late," Petit said in statement. "Osiris also publicly disclosed that it is under investigation by the Securities and Exchange Commission related to its historical accounting practices, which impact financial reporting to the public."
MiMedx was investigated by the SEC for its marketing and sales practices in January 2015. However, by March, two months later, the Department of Justice declined to intervene with the company.