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MDXG

MiMedx

$5.25

0.11 (2.14%)

10:58
10/15/18
10/15
10:58
10/15/18
10:58

Viceroy: MiMedx's appointment of Alvarez, Marsal 'conflict of interest'

In an open letter to MiMedx, Viceroy Research said: "On July 2, MiMedx announced the resignation of MiMedx CEO and Founder, Parker H. Petit, and the appointment of David Coles, a Managing Director of Alvarez & Marsal, as the company's interim CEO.The appointment of Mr . Coles follows MiMedx's engagement of KPMG and King & Spalding , who we understand have been tasked , amongst other things,with conducting an independent internal investigation into MiMedx sales practices. Viceroy understands that a key element of these internal investigations concerns MiMedx's conduct with the United States Department of Veteran's Affairs; specifically,the allegations of channel stuffing and the subsequent indictment of DVA physician s utilizing MiMedx products. Given the depth of investigations occurring at MiMedx relating to the company's conduct with the DVA, Viceroy believe the appointment of Alvarez & Marsal represents anirremediable conflict of interest to MiMedx's ongoing internal investigations , and to the investigations we understand are ongoing within the DVA and other federal regulatory entities. We have addressed a separate letter to the Department of Justice and the DVA's ethics committee outlining what we believe is a serious conflict of interest and undue influence within the DVA of several parties. Further, we believe that it is irresponsible that this group, when exposed by journalists, was saved from a congressional hearing by longtime friend of former MiMedx CEO Petit, Senator Jonny Isakson, who has benefited greatly from donations from MiMedx and Petit."

  • 23

    Oct

MDXG MiMedx
$5.25

0.11 (2.14%)

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.
02/27/18
CHLM
02/27/18
NO CHANGE
Target $19
CHLM
Buy
Craig-Hallum maintains Buy rating, $19 price target on MiMedx
Craig-Hallum analyst Matt Hewitt noted that MiMedx denied a report that it is under investigation by the Department of Justice, stating that it is not aware of any such investigation. While stating that "it is impossible to know for certain whether any nefarious activity has ever taken place at MiMedx," Hewitt points to several events over the past year that give him confidence in the integrity of the company's financials. If the company's financials are sound, he estimate that the stock is worth two and a half times the current price, added Hewitt, who keeps a Buy rating and $19 price target on MiMedx shares.
03/15/18
PIPR
03/15/18
NO CHANGE
PIPR
Piper suspends MiMedx rating, says DOJ review too much to digest
Piper Jaffray analyst Matt O'Brien suspended his rating and price target on MiMedx Group after the company disclosed that the Department of Justice is reviewing matters in parallel with an SEC investigation. The analyst, up until tonight, had an Overweight rating on MiMedx with an $18 price target. The stock closed the trading day down 15c to $7.12. "We have been standing by MiMedx in recent months despite numerous short selling reports on the company," O'Brien tells investors in a research note. He says, however, that the Department of Justice review, which is added to an Audit Committee and SEC investigation regarding the company's sales and distribution practices, is "simply too much for us to digest at the moment."

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