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MDXG

MiMedx

$7.35

-0.48 (-6.13%)

11:10
02/27/18
02/27
11:10
02/27/18
11:10

MiMedx not aware of any investigation by the Dept. of Justice

MiMedx Group stated "The company is not aware of any investigation of MiMedx by the Department of Justice. In fact, three years ago a competitor filed a qui tam suit against the company, and the DoJ declined to intervene, resulting in a dismissal of the case. As the company announced last week, the audit committee of the company's board of Directors and its independent advisers are investigating certain sales and distribution activities, which it expects will be completed in as timely a manner as possible. The company is confident this course of action is in the best long-term interests of the company and its shareholders. The public should be well aware that the company has been under a concerted, illegal short selling attack since September. This group of illegal short sellers, which the company believes includes Marc Cohodes, Aurelius Value, Viceroy Research, and other numerous hedge funds and individuals, has publicized a continuous stream of misinformation and lies about numerous aspects of the company's business... The situation is complicated by the fact that the company has terminated certain employees for cause over the last 15 months. The company believes certain of these employees are retaliating by acting in concert with this group of short sellers to distort information and negatively impact the company's stock price. In response to a specific allegation in a recent Bloomberg article that the company has charged higher prices to federal accounts than commercial accounts, the company denies that it has engaged in such practice. The other allegations that have been made by this illegal short selling cabal have been answered quite effectively on the MiMedx website under "Short Selling Commentary"... In addition, MiMedx reaffirmed that, based on information available to date, the independent investigation by its audit committee and their legal and accounting advisors should not have a material impact on the company's 2018 revenue guidance of $383M-$387M."

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    Mar

MDXG MiMedx
$7.35

-0.48 (-6.13%)

02/21/18
LSCM
02/21/18
NO CHANGE
Target $12
LSCM
Buy
Lake Street says MiMedx remains 'real company,' cuts price target to $12
Lake Street analyst Bruce Jackson lowered his price target for MiMedx Group to $12 from $18 after the company delayed the release of its Q4 results after the board's audit committee requested independent legal and accounting investigations. While the near-term picture "might be uncertain," MiMedx continues to be a "real company" with revenue of $324M that grew more than 30% in 2017, Jackson tells investors in a research note. He sees the company's "strong" gross margins and "promising" new product pipeline limiting downside risk from current share levels. Nonetheless, the internal investigation represents a "significant overhang" on the stock until it is resolved, which implies multiple compression, the analyst adds. He keeps a Buy rating on MiMedx.
02/23/18
CHLM
02/23/18
NO CHANGE
Target $19
CHLM
Buy
MiMedx fundamentals, execution should ultimately 'win out,' says Craig-Hallum
Craig-Hallum analyst Matt Hewitt noted that MiMedx management hosted an update call to address investor concerns about the recently announced investigation into sales practices and accounting, during which they revealed that King & Spalding has been hired as an independent legal advisor and KPMG will provide forensic accounting services. Uncertainty surrounding the investigation and recent short seller attacks have pushed shares over 50% off of their highs, but Hewitt ultimately thinks the company's fundamentals and strong execution will "win out," making the stock "intriguing" at current levels, he tells investors. He keeps a Buy rating and $19 price target on MiMedx shares.
02/23/18
LSCM
02/23/18
DOWNGRADE
LSCM
Hold
MiMedx downgraded to Hold from Buy at Lake Street
02/23/18
02/23/18
DOWNGRADE
Target $9

Hold
MiMedx downgraded to Hold with $9 price target at Lake Street
As previously reported, Lake Street analyst Bruce Jackson downgraded MiMedx to Hold from Buy, stating that a resolution of the investigation into current and prior period sales and distribution practices is unlikely to be swift and the shares are unlikely to outperform until the investigation is resolved. If the investigation resolves favorably, the upside potential "would be significant and he would be an aggressive buyer of the stock, but for now Jackson cut his price target on MiMedx shares to $9 from $12.

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