MiMedx audit comittee finds no merit to allegations of management wrongdoings
MiMedx announced that the Audit Committee of its board of directors has completed its investigation and found no merit regarding allegations of wrongdoing that were made by two former employees against the company. The company terminated two employees in December 2016 when it was discovered that the employees were selling products for other companies, in violation of their duties to MiMedx. Following their terminations, MiMedx filed suit against these employees, and the employees in turn filed a wrongful termination suit against MiMedx asserting various allegations. The Audit Committee has confirmed there is no credible evidence of any wrongdoing on behalf of members of MiMedx management. The lawsuits with these former employees are ongoing. The Audit Committee's investigation determined that the company has appropriately recognized revenue and found no credible evidence to indicate that any changes to the company's previously issued financial statements are necessary in light of the former employees' allegations.