|Bid||0.0000 x 1000|
|Ask||0.0000 x 800|
|Day's Range||5.0500 - 5.3500|
|52 Week Range||0.9500 - 8.1800|
|Beta (3Y Monthly)||0.69|
|PE Ratio (TTM)||11.77|
|Earnings Date||Apr 26, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||18.00|
(Bloomberg Opinion) -- It’s kinda, sorta funny, I suppose, that Patrick Byrne resigned Thursday as chief executive of Overstock.com Inc. a week after issuing a bizarre press release bragging about his romantic entanglement with a Russian spy while also being involved with the “deep state” and the “Men in Black.” Just as it’s kinda, sorta funny that President Donald Trump canceled a state visit to Denmark because its prime minister told him she wouldn’t discuss his “absurd” idea of selling Greenland to the U.S.Except that Byrne (like Trump) has been prone to saying and doing unhinged things since at least the mid-2000s. What’s more, as Bloomberg Opinion’s Barry Ritholtz pointed out Thursday on Twitter, “He was a terrible CEO of a not very good company.”I began paying attention to Byrne in 2005, six years after he took over an online retailer and renamed it Overstock. That year, he held the looniest conference call I’ve ever heard. He claimed that there was a vast conspiracy to drive down Overstock’s shares orchestrated by someone he called the “Sith Lord.” He wouldn’t name the Sith Lord, but described him as “one of the master criminals of the 1980s.” He titled the conspiracy “the Miscreants Ball.”(1)At the same time — and this is what caught my attention — Overstock filed a lawsuit against Gradient Analytics, a research firm, and Rocker Partners, a hedge fund run by David Rocker and Marc Cohodes — yes, the very same Marc Cohodes who was the subject of my columns this week about MiMedx Group Inc. — that specialized in short-selling. Byrne claimed in the lawsuit (as I wrote at the time) “that they were acting in concert to hurt the company and manipulate its stock price.”It wasn’t long before Byrne was including certain financial journalists in the conspiracy. When a television interviewer asked him if he was accusing Herb Greenberg,(2) the great former MarketWatch reporter, of “helping others front-run” the company’s stock, he replied, “That’s correct.” His “thesis” was that Greenberg was taking orders from Rocker.That wasn’t the worst of it. Byrne became convinced that an illegal practice called “naked short-selling”(3) was Wall Street’s dirty little secret, and he devoted himself to rooting it out and exposing it. (Barron’s once described naked short-selling, rather aptly, as “the grassy knoll of the equity markets, denounced by crackpots, devotees of penny stocks, and troubled companies eager to divert attention from their failings.”)Overstock’s director of communications, Judd Bagley, would “friend” Byrne’s critics on Facebook, then publish the names of their friends on a website, especially those friends who could serve as “evidence” of a conspiracy. (I’m one of the journalists this happened to.) Byrne started a conspiracy-minded website called Deep Capture, the purpose of which was to smear his critics, myself included.If the purpose of all this was to silence us, it worked. I wrote three columns about Byrne, and then moved on. So did most of the other journalists who had once covered him and Overstock. Rocker, the rare short-seller willing to talk to reporters on the record, stopped giving interviews. The journalist (and my friend and former co-author) Bethany McLean once told an interviewer that in effect, Byrne had won, because his tactics had caused his critics to stop writing about him.Since his Deep Capture days, Byrne has found a different means to distract people from Overstock’s lousy performance: In 2015, he announced the formation of a company that would issue a cryptocurrency called tZero. For a while, at least, it worked. Between July 2017 and January 2018, the Overstock share price went from around $20 to almost $87. But it couldn’t last. With the company’s free cash flow negative $168 million in 2018, and its net income negative $169 million,(4) the stock sank back down to earth, bottoming out at $9.40 a share in June.Yet when he finally stepped down, it wasn’t because the company was losing money, or because the tZero effort was faltering, or because, as usual, Byrne was too busy with his side ventures to focus on the company he was supposed to be running. It was because he wrote a bonkers press release.On Thursday evening, Byrne was interviewed by CNN’s Chris Cuomo. Byrne claimed that FBI agents — including James Comey! — had instructed him to “rekindle” his relationship with the Russian spy, Maria Butina. Later that evening, as Cuomo discussed the interview with another CNN host, Don Lemon, he defended Byrne. “He’s not some lunatic or something like that,” he said.Clearly, Cuomo should have had a seat on the Overstock board.(1) Byrne later told me that his Sith Lord conference call was “one of the 10 proudest moments of my life.”(2) Alas, Greenberg has since left financial journalism and now runs his own investment research firm, Pacific Square Research.(3) Don’t ask.(4) According to Bloomberg data.To contact the author of this story: Joe Nocera at firstname.lastname@example.orgTo contact the editor responsible for this story: Stacey Shick at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg Opinion) -- This is the second of two columns about MiMedx and the short-sellers. Read the first here.Most of the time, Eiad Asbahi, the 40-year-old founder of Prescience Point Capital Management, is a short-seller.According to its website, the firm, based in Baton Rouge, Louisiana, specializes “in extensive investigations of difficult-to-analyze public companies in order to uncover significant elements of the business that have been overlooked or ignored by others.” Such investigations usually lead to the discovery of problems that will cause the stock to fall once they become known.“But every now and then,” Asbahi says, “we find a company that is incredibly hated and where the shorts have it wrong.” SeaWorld Entertainment Inc., which has been hammered for its treatment of its whales and dolphins, was one such company. Two years ago, Asbahi bought the stock, believing that “the mispricing was extreme.” He was right. Since it bottomed out in November 2017, SeaWorld’s shares have more than tripled.On Jan. 8 of this year, Prescience Point released a report about its latest big investment idea: MiMedx Group Inc., a company that was under siege by Marc Cohodes and a handful of other short-sellers. After six months of research, Asbahi concluded that the thesis developed by the shorts — which had helped push the stock from $18 to $1.15 — was wrong.Contrary to what Cohodes et al were claiming, Prescience Point’s research suggested that MiMedx products were “legitimate and sustainable”; that it had positive cash flow; and that, while “channel stuffing” to improperly boost revenue at the end of the quarter had taken place, the company’s critics had “failed to produce any smoking guns to support their claims of massive fraud.”“In our view MDXG is one of the largest mispricings we have ever identified,” the report concluded. At the time it was issued, MiMedx stock was at $2.16. Prescience Point predicted that it would quadruple.When I spoke to Asbahi a few weeks ago — by which time the stock had topped $5 — he went further in his criticism of Cohodes and the other short-sellers. In his view, MiMedx’s stock had tanked in 2018 as much because of what the shorts had gotten wrong as what they had gotten right.“What we found,” Asbahi said, “is that they had some credible channel stuffing allegations” — and then they made a series of additional, less credible accusations. There was never any bribery or Medicare fraud, Asbahi said. And MiMedx’s products, often maligned by the shorts, were considered “best in class” by many doctors. “It is not a short activist campaign they’re running,” Asbahi concluded. “It is a smear campaign.”Cohodes’s initial allegations were serious enough that the MiMedx board hired a law firm to investigate. That investigation led to the discovery of the channel stuffing and the dismissal of several top MiMedx executives, including chief executive Parker Petit. But as I noted Monday, even after Petit and the others resigned, Cohodes kept MiMedx in his crosshairs, vowing to take down the company “if it’s the last thing I do.” Once Asbahi released his MiMedx report, Cohodes added Prescience Point to his list of targets.Within days of the report’s release, Cohodes was tweeting that it was “false & misleading” and that Prescience Point “will be ruined.” He has kept up a steady drumbeat of criticism ever since. Just a few weeks ago, he called Prescience Point a “pump-and-dump operation,” a charge he’s made several times before.This last allegation is ludicrous. Prescience Point is MiMedx’s largest shareholder, with 7.7% of the stock. In May, it launched a proxy fight that led to the company agreeing to add six new board members. Three of them were Prescience Point’s nominees.When I asked Cohodes what proof he had to back up the pump-and-dump charge, he replied (via email) that it was his understanding that Prescience Point had purchased the stock at between $6 and $10 a share — and was now “obviously attempting to generate positive interest to make back its investment.” He also said that Prescience Point had sold MiMedx stock after publishing “glowing information about the company.”In truth, Prescience Point bought the stock at an average price of about $2.60 a share, a fact that can be easily found in government disclosure documents. Although the firm sold some stock, it did so only to avoid triggering the company’s poison pill. Once the proxy fight ended — and the poison pill was a nonissue — Prescience Point bought more stock. “We set up a single-idea fund to invest in MiMedx with a two-year lockup,” Asbahi told me. “Does that sounds like a pump-and-dump scheme?”Today, MiMedx is a very different company from when Petit was running it. Of Petit’s 16 top executives, 13 are gone. Its new chief executive, Timothy Wright, has been a top level executive at a number of biotech and pharmaceutical companies, including Teva Pharmaceutical Industries Ltd, the big generics manufacturer.Among the new directors is Richard Barry, a respected health-care investor. He is so bullish about MiMedx’s prospects that he bought 3% the stock. All of this information is readily available. Yet Cohodes and his allies refuse to acknowledge that MiMedx has changed. Instead they are making the same allegations they’ve been making all along — except louder and more insistently.Why?Cohodes gave me two reasons. The first, he said, was that the company was still engaged in “criminal activity.” “Doctors have been bribed by MiMedx. And all the perps who carried out the fraud are still there doing it,” he told me.The second reason, he said, was that MiMedx’s products are deeply flawed. “This is a public health deal. This stuff is so bad, and they are taking advantage(1) of veterans. I have to speak out.”Let’s examine the bribery issue first. One doctor the shorts have targeted — including online — is Brandon Hawkins, a podiatrist in Bakersfield, California. He is a major buyer of MiMedx’s primary product, a wound graft made from placental tissue called EpiFix. Indeed, Hawkins told me he is probably the fourth or fifth biggest user of EpiFix in California. He has been paid by MiMedx to give occasional lectures, a common practice in medicine, which he discloses. His brother-in-law is a MiMedx salesman. And he lives quite well, something one can glean from the family’s Facebook page.The MiMedx critics have linked these facts to claim that Hawkins is on the take. But Hawkins says he uses EpiFix for a perfectly sensible reason: It works better than competing wound grafts. “Wounds that would normally heal in 12 to 20 weeks sometimes heal in four weeks with EpiFix,” he said. He added that there is a high incidence of diabetes in Bakersfield, and EpiFix has been an important tool in healing the foot ulcers that often develop in diabetics.Matthew Garoufalis,(2) a Chicago podiatrist, explained that diabetics are often “so immunocompromised” that their ulcers don’t heal. Studies show that some 20% of diabetics who develop foot ulcers will eventually have part or all of a leg amputated below the knee. But the placental-cell formula used in EpiFix “stimulates the wound healing cycle” even with ulcers that are not responding to other healing products, Garoufalis said. He also told me there are lots of good data affirming the efficacy of EpiFix. A 2016 study published in the International Wound Journal concluded that the technology used by EpiFix “is superior to standard care” in healing foot ulcers. After my first MiMedx column was published Monday, several of Cohodes’s short-selling allies took to Twitter, saying they had proof that MiMedx was guilty of bribing doctors. As Bloomberg News reported last year, three employees of a South Carolina Veterans Affairs hospital were indicted for accepting payments and other inducements from the company that resulted in “excessive use of MiMedx products.” One of the three was a doctor. The indictment, however, does not allege any wrongdoing by MiMedx. You see, MiMedx had contracts with the three VA employees — just as it has contracts with doctors all over the country. And MiMedx itself didn’t play a part in the conduct that got the VA employees into hot water. The employees were supposed to get the contracts approved by the hospital. But apparently that didn’t happen. The case wasn’t about bribery; it was about violating government rules. Within five months of the indictments, prosecutors had concluded that the case wasn’t worth going to trial over. The three employees agreed to “pretrial diversion,” meaning that if they paid the money back — about $3,500 in two cases, and about $20,000 in the third — the indictments would be dismissed. That happened in April. What about Cohodes’s charge that MiMedx’s products are creating a public health hazard? This should also raise an eyebrow (or two). The product he is primarily criticizing is AmnioFix. It also uses placental tissue, but it’s processed in such a way that it can be injected. AmnioFix’s primary purpose is to relieve degenerative joint and tendon pain — pain that is currently difficult to treat. It’s a relatively new product, and many of those who are long MiMedx stock think it has blockbuster potential.Cohodes, however, says that AmnioFix has never been proved effective for anything, and that it hasn’t been approved by the Food and Drug Administration. “MiMedx was and is selling unapproved products to an unsuspecting and vulnerable public,” he said in an email. “People in pain often search for solutions in the unapproved drug world when they have run out of options. MiMedx has exploited that vulnerability and that is tragic.”Let me offer an alternate take. In December 2017, the FDA issued new guidelines for injectable tissue — and gave companies three years to come into compliance and get approved indications for their products. With a year and a half to go, MiMedx is in the middle of a Phase III trial for the use of AmnioFix to relieve plantar fasciitis, and a Phase II trial for osteoarthritis. MiMedx bulls think it will have the indications approved by the December 2020 deadline.Studies indicate that the technique MiMedx is pioneering with AmnioFix works: One showed that three months after an injection, 91 percent of patients felt significant pain relief. And the FDA is on record as saying that AmnioFix “has the potential to address unmet medical needs.” My exchanges with Cohodes left me with the distinct impression that he views AmnioFix as some kind of rogue drug, operating outside the FDA system. Based on everything I've learned, it’s not.Digging into Cohodes’s claims, I concluded that Asbahi is probably right: The short-seller and his allies are conducting a smear campaign intended to damage the company. I say this with a heavy heart. I’ve written in the past about companies Cohodes and his former partner David Rocker exposed, and I’m a big believer in the importance of short-sellers. Investors need to listen to skeptical voices as well as bullish ones. As a general rule, those who bet against companies are performing a service for all investors.But it’s also important that short-sellers tell the truth about what they find and have an open mind if a company, say, changes its tactics and its senior management. Stretching the facts to push a stock down is as bad as stretching them to push a stock up. And flogging a misguided narrative about products that could help millions of patients is just wrong. Campaigns like Cohodes’s against MiMedx give short-sellers a bad name.In an email, I asked Cohodes why he remained so obsessed with MiMedx. “You call it ‘obsessed,’ he replied, “but that’s the wrong word. I am committed to truth and always have been.”There was a time when I would have believed him. Not anymore.*****A postscript: On Monday afternoon, Bloomberg and I received a lengthy letter from Cohodes’s lawyer, David Shapiro, claiming that my first MiMedx column was “false and defamatory” and demanding a retraction. The letter reminded me of how this all started for Cohodes: with a presentation at a 2017 investment conference in which he denounced MiMedx and its then-CEO Petit for having sued three of the company’s critics. “Quit intimidating the shorts, the critics, the free speakers,” Cohodes said then. “It has to stop.”Apparently, Petit isn’t the only one willing to use intimidation tactics to quiet his critics.(1) Bloomberg’s standards regarding foul language prevent me from repeating his actual words.(2) I spoke to a third doctor, Raymond Otto of Boise, Idaho, who also praised EpiFix as a superior wound product. I should note that all three doctors have given lectures on MiMedx’s behalf. Garoufalis told me that the typical lecture fee is $1,500 or less.To contact the author of this story: Joe Nocera at firstname.lastname@example.orgTo contact the editor responsible for this story: Stacey Shick at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg Opinion) -- The first line in Marc Cohodes’s Twitter ID reads: “No Greater Motivator Than Disrespect.”It’s a sentiment you often hear from athletes, but rarely from an investment professional like Cohodes. And with good reason. Although being “disrespected” can be a powerful spur, it also creates blind spots that can lead one astray. You won’t find a better example of this than Cohodes’s efforts over the last year to destroy — yes, destroy — MiMedx Group Inc., a biomedical company that makes products that heal wounds and treat serious inflammation.Cohodes is a short-seller; he has spent the bulk of his career exposing companies that were committing fraud and then profiting when their stock drops. From 1985 to 2006, he partnered with another prominent short, David Rocker. Together, they uncovered wrongdoing at companies like AremisSoft Corp. and Conseco Inc. When Rocker left the firm in 2006, Cohodes took over and renamed it Copper River Management LLC.When Lehman Brothers collapsed in 2008, Copper River was crushed.(1) Cohodes closed up shop and retreated to a chicken ranch he owns in California.But he continued to bet against companies using his own money. One of his biggest winners in recent years was Valeant Pharmaceuticals International Inc., which he sniffed out well before the company’s stock collapsed in the fall of 2015.Cohodes first focused on MiMedx in October 2017, shortly before he was scheduled to speak at the short-seller’s mecca: the semi-annual investment conference sponsored by Grant’s Interest Rate Observer. A month earlier, Fortune magazine had ranked MiMedx No. 5 on its list of fastest growing public companies, with revenue increasing at an annual rate of 58%, and earnings per share up an average of 88% a year during the previous three years.But Cohodes had recently come to believe that some of those numbers were fraudulent. At the Grant’s conference, he read aloud from a letter he had obtained from a MiMedx whistle-blower. Sent to the company’s chief executive, Parker Petit, the letter decried the company’s “complete lack of integrity.” In his talk, Cohodes strongly suggested that MiMedx was “channel stuffing” — that is, shipping more products that its customers could use, and then booking revenue that didn’t yet exist.There was something else about MiMedx that bothered Cohodes: The company, he said, was trying to silence its critics. It had sued three bloggers who were posting negative information. And Petit had accused the shorts of acting as a “wolf pack” to bring MiMedx down. As part of Petit’s attack on short-sellers, Cohodes said, MiMedx “had the very bad idea to put on their website things about me — that I was part of the Cali cartel, I launder money, I evade taxes.”In truth, MiMedx had suggested no such thing. Petit had posted a link to a long, unsigned article denouncing an illegal practice called “naked short-selling,”(2) which had been a hot subject among financial conspiracy-mongers maybe 15 years ago. The article mentioned both the Cali cartel and Cohodes in passing. But it did not link the two, as Cohodes was now claiming.Still, Cohodes made it clear that he was offended by MiMedx’s actions against all the shorts, not just himself. “Quit intimidating the shorts, the critics, the free speakers,” he seethed. “It has to stop.”Cohodes would later tell an interviewer that Petit had showed him “the ultimate disrespect by defaming me.” He took a big short position in the stock and soon became the company’s most vocal critic.Cohodes’s allegations went well beyond channel stuffing; they also included bribing doctors and engaging in Medicare fraud. He set up a website, which he named “Petite(3) Parker the Barker,” where he posted negative information about the company. Cohodes attended a health-care conference where he interrupted Petit’s presentation to accuse the company of wrongdoing. A journalist from the website Stat recorded the confrontation.And then there were Cohodes’s tweets, which were both nasty and personal. Here’s one example (there are many others):In mid-October 2017, he tweeted this:And then, a few weeks later, this:Petit would later tell me that he felt threatened by the latter two tweets. “I didn’t know what he was capable of,” Petit said. So the MiMedx CEO reached out to the Federal Bureau of Investigation.(4) And whaddya know: On Dec. 1, two agents showed up at Cohodes’s ranch. One of them took the lead in dressing down the short-seller. Here’s how Bloomberg News described the scene:The agent said he wouldn’t leave until Cohodes promised not to post further threatening tweets about Petit. The agent said there would be consequences if they had to return. … He asked Cohodes several times: “Do you understand?”Cohodes, who insists that his tweets were not threatening, was enraged by the FBI visit. From where he sat, the intervention of the FBI was a new low in short-seller intimidation — and disrespect. And Cohodes was going to prove to Petit — and everyone else — that it wouldn’t work. As he put it to me in a recent email, “I refuse to be cowed by bullies.”Fast forward to June 2018. Just seven months after Cohodes jumped into the MiMedx fray, Petit was gone. So was Bill Taylor, the company president. The allegations hurled at the company by Cohodes and his allies, most of whom were also short the stock, had spurred the MiMedx audit committee to bring in an outside law firm to conduct an investigation. The company concluded, well, here’s how the board put it in a news release:Petit and Taylor … emphasized short-term business goals over compliance and ethics, purposely took action to disregard revenue recognition rules under GAAP and manipulate the timing and recognition of revenue.The board also announced that because of the financial improprieties, it would have to restate earnings going back to 2012, that its stock would be delisted from the Nasdaq exchange, and that both the Securities and Exchange Commission and the Justice Department were conducting investigations. (Petit and Taylor have denied wrongdoing; the government investigations appear to be continuing.)At first glance, this appeared to be a huge victory for the shorts. Although the audit committee never used the phrase “channel stuffing,” its wording strongly implied that’s what had taken place. An $18 stock when 2018 began, MiMedx dropped to $1.15 by year’s end; any short-seller who rode it all the way down made a fortune.(5) In early December, MiMedx’s accountants at Ernst & Young LLP resigned from the account — months after agreeing to audit the company’s books. That’s never a good sign.But if you looked a little closer, it wasn’t quite the slam dunk it seemed. The internal investigation came up with no proof that MiMedx officials had bribed doctors, as Cohodes had alleged. Nor was there any evidence of Medicare fraud. Cohodes had claimed that MiMedx was “in a death spiral.” It wasn’t. As for the resignation of Ernst & Young, the firm had abandoned the assignment after Cohodes and another short-seller, a firm called Aurelius Value, had sent the auditors letters containing dozens of allegations of financial fraud. The company believes the auditors were scared off by the letters. (E&Y declined to comment.)Today, MiMedx has a new chief executive with extensive biotech experience. It has a reconstituted board. The company hopes to complete its restatement by mid-December, at which point it will be able to rejoin the Nasdaq.Yet, Cohodes and his allies, rather than declare victory, have doubled down. The accusations they are making today are, if anything, more extreme than the claims they made when Petit was in charge. They appear to be hellbent on destabilizing the company. “I will take these guys down if it is the last thing I do,” Cohodes declared in an interview earlier this year.In that same interview, he listed “12 distinct categories of egregious wrongdoing.” They included: Medicare fraud, endangering patient safety, evidence destruction, extortion, rape and sexual harassment, influence peddling, securities fraud and bribery. He routinely describes MiMedx as “a criminal enterprise.”None of this appears to be true. That’s my next column.(Corrects year David Rocker left his partnership with Marc Cohodes in third paragraph of article published Aug. 19. Removes description in fourth paragraph of the circumstances surrounding the closure of Copper River.)(1) Cohodes would later testify in a lawsuit that Goldman Sachs bore some responsibility for Copper River’s failure because it mishandled the firm’s trades during the 2008 financial crisis. Goldman has denied the allegation.(2) Proponents believed that naked short-selling was at the heart of Wall Street’s version of the deep state. The chief proselytizer was Patrick Byrne, the CEO of Overstock.com.(3) Cohodes always spells Petit’s last name with an extra “e”; petite, of course, is “little” in French. He says it is because Petit is “a small man of stature, soul and mind.”(4) According to Bloomberg News, Petit also reached out to Senator Johnny Isakson, a Georgia Republican. Isakson, too, informed the FBI.(5) Cohodes acknowledges that he got out well before MiMedx hit its low.To contact the author of this story: Joe Nocera at firstname.lastname@example.orgTo contact the editor responsible for this story: Stacey Shick at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
MARIETTA, Ga. , Aug. 8, 2019 /PRNewswire/ -- MiMedx Group, Inc. (OTC PINK: MDXG) ("MiMedx" or the "Company"), an industry leader in advanced wound care and an emerging therapeutic biologics ...
The MiMedx Shareholder Group (Petit, George, Furstenberg) wants to thank all of our shareholders that voted for our slate at the 2018 annual meeting that was held today. This means that there will probably not be a 2019 shareholder meeting held on August 19th or sooner. Also, the Board will be able to make further changes in the bylaws to further thwart shareholders exercising their rights.
Preliminary Vote Count Indicates that MiMedx's Director Nominees Received Support from Approximately 80% of the Votes Cast MiMedx Shareholders Reject Petit Group's Proposal to Hold 2019 Meeting in August ...
Hialeah Municipal Fund, a MiMedx shareholder, filed a lawsuit April 18, 2019, to force the Company to hold the 2019 Annual Meeting for the election of three Class III directors on June 17, 2019, at the same time as the Court ordered the Company to hold the 2018 Annual Meeting. Just as MiMedx did in opposing the first Hialeah lawsuit regarding the 2018 Annual Meeting for the election of three Class II directors, they are refusing to agree on a date to hold the 2019 Annual Meeting. The Company filed a Notice of Hearing for its Motion to Dismiss the second Hialeah lawsuit in the Circuit Court of Leon County, Florida on June 11, 2019.
All the revenue recognition allegations against MiMedx purposefully ignore the stark reality that the Company collected basically all of its booked revenue over the years. In addition, the Company bought over $130 million of its stock back without incurring debt or affecting revenue and profit growth.
MARIETTA, Ga., June 14, 2019 /PRNewswire/ -- MiMedx Group, Inc. (OTC PINK: MDXG) ("MiMedx" or the "Company"), an industry leader in advanced wound care and an emerging therapeutic biologics company, encourages shareholders to vote "FOR" all of the Board's highly qualified nominees online or by telephone by following the easy instructions on the BLUE Proxy Card. The 2018 Annual Meeting of Shareholders (the "Annual Meeting") will be held on Monday, June 17, 2019 – shareholders are urged to vote the BLUE proxy card TODAY.
Company Urges Shareholders to Vote with the BLUE Card Online or By Phone Today MARIETTA, Ga. , June 13, 2019 /PRNewswire/ -- MiMedx Group, Inc. (OTC PINK: MDXG) ("MiMedx" or the "Company"), ...
MiMedx Group, Inc. just announced the signing of an agreement for a $75 million line of credit. The documents that the Company had to publish included for the first time its earnings before interest, taxes, depreciation and amortization (EBITDA) since the second quarter of 2018. In the Company’s disclosure, the EBITDA for the second quarter of 2018 was $24.8 million.
MARIETTA, Ga., June 12, 2019 /PRNewswire/ -- MiMedx Group, Inc. (OTC PINK: MDXG) ("MiMedx" or the "Company"), an industry leader in advanced wound care and an emerging therapeutic biologics company, today announced that leading independent proxy advisory firm Glass, Lewis & Co. ("Glass Lewis") has joined Institutional Shareholder Services ("ISS") and Egan-Jones Proxy Services ("Egan-Jones") in recommending MiMedx shareholders vote "FOR" the Company's three director nominees – K. Todd Newton, Dr. Kathleen Behrens Wilsey and Timothy R. Wright – on the BLUE proxy card in connection with the Company's 2018 Annual Meeting of Shareholders to be held on June 17, 2019.
Completes Key Milestone in Execution of Company's Long-Range Strategic Plan MARIETTA, Ga. , June 11, 2019 /PRNewswire/ -- MiMedx Group, Inc. (OTC PINK: MDXG) ("MiMedx" or the "Company"), ...
ISS Recommends Shareholders Vote "AGAINST" the Petit Group's Shareholder Proposals ISS Recommends Shareholders Do Not Vote the White Card MARIETTA, Ga. , June 11, 2019 /PRNewswire/ -- MiMedx ...
IT IS ONLY BY A COMBINATION OF THESE TWO OVERDUE BOARD ELECTIONS THAT YOU, THE SHAREHOLDER, WILL HAVE THE RIGHT TO VOTE ON THE MAJORITY OF THE BOARD OF YOUR COMPANY. We TRUST YOU to know the Company DID NOT WANT YOU TO HAVE THIS RIGHT TO CHANGE CONTROL NOW. Whether by their actions in the Courts in Florida, or by delaying for at least six months a request of the SEC to grant an exemption to hold the 2018 meeting, the Company has done and continues to do everything in its power to DELAY AND DENY YOU THIS RIGHT.
MARIETTA, Ga., June 10, 2019 /PRNewswire/ -- MiMedx Group, Inc. (OTC PINK: MDXG) ("MiMedx" or the "Company"), an industry leader in advanced wound care and an emerging therapeutic biologics company, today issued additional information to shareholders regarding the Company's upcoming 2018 annual meeting of shareholders (the "Annual Meeting"), scheduled to be held on June 17, 2019 at 9:00 a.m. local time, at the Marietta Conference Center (Hilton Atlanta/Marietta) at 500 Powder Springs St., Marietta, GA 30064.
MARIETTA, Ga., June 7, 2019 /PRNewswire/ -- MiMedx Group, Inc. (OTC PINK: MDXG) ("MiMedx" or the "Company"), an industry leader in advanced wound care and an emerging therapeutic biologics company, is sending a new mailing to shareholders highlighting the experience of its three new highly qualified nominees standing for election to the Board of Directors (the "Board") at the 2018 annual meeting of shareholders scheduled for June 17, 2019, and calling on shareholders to vote the Company's BLUE proxy card.
MARIETTA, Ga., June 5, 2019 /PRNewswire/ -- MiMedx Group, Inc. (OTC PINK: MDXG) ("MiMedx" or the "Company"), an industry leader in advanced wound care and an emerging therapeutic biologics company, today released an investor presentation summarizing the reasons why the Company believes shareholders should support the Company's three nominees for the Board of Directors (the "Board") at the 2018 annual meeting of shareholders that will take place on June 17, 2019.
MARIETTA, Ga., June 4, 2019 /PRNewswire/ -- MiMedx Group, Inc. (OTC PINK: MDXG) ("MiMedx" or the "Company"), an industry leader in advanced wound care and an emerging therapeutic biologics company, today encouraged shareholders to visit its new campaign website, www.VoteBlueForMiMedx.com. MiMedx launched the website in connection with the upcoming 2018 annual meeting of shareholders ("Annual Meeting"). An overview of the comprehensive board refreshment plan announced on May 30, 2019 and the highly qualified and experienced MiMedx nominees who are up for election at the Annual Meeting.
MARIETTA, Ga., June 3, 2019 /PRNewswire/ -- MiMedx Group, Inc. (OTC PINK: MDXG) ("MiMedx" or the "Company"), an industry leader in advanced wound care and an emerging therapeutic biologics company, today announced that it has filed definitive proxy materials with the U.S. Securities and Exchange Commission ("SEC") in connection with its upcoming 2018 annual meeting of shareholders ("Annual Meeting") scheduled to be held on June 17, 2019 at 9:00 a.m. local time, at the Marietta Conference Center (Hilton Atlanta/Marietta) at 500 Powder Springs St., Marietta, GA 30064. The Company has nominated to the board of directors of the Company (the "Board") three experienced healthcare professionals, none of whom has served on the MiMedx Board previously. Two of these candidates were identified by one of the Company's largest shareholders, Prescience Point Capital Management LLC (together with its affiliates, "Prescience Point"), and the third candidate is our new Chief Executive Officer.
MARIETTA, Ga., May 30, 2019 /PRNewswire/ -- MiMedx Group, Inc. (OTC PINK: MDXG) ("MiMedx" or the "Company"), an industry leader in advanced wound care and an emerging therapeutic biologics company, today announced that the Company's board of directors (the "Board") has adopted a comprehensive plan to refresh the composition of the Board. The plan was developed by the Board in cooperation with one of the Company's largest shareholders, Prescience Point Capital Management LLC ("Prescience Point"), and follows the completion of the Audit Committee's independent investigation into alleged wrongdoing by the prior senior management team and the engagement of BDO USA, LLP as the Company's new independent registered public accounting firm.
MARIETTA, Ga., May 28, 2019 /PRNewswire/ -- MiMedx Group, Inc. (OTC PINK: MDXG) ("MiMedx" or the "Company"), an industry leader in advanced wound care and an emerging therapeutic biologics company, today announced that the Audit Committee of the Company's Board of Directors approved the engagement of BDO USA, LLP ("BDO") as the Company's new independent registered public accounting firm. BDO delivers assurance and tax advisory services to clients throughout the country and around the globe, and is the 5th largest firm in the world serving publicly traded domestic and international clients. "We are extremely pleased to welcome BDO as MiMedx's new independent auditor," said Edward J. Borkowski, MiMedx's interim Chief Financial Officer.