The complaint seeks officer-and-director bars against the three executives, as well as the clawback of bonuses and other incentive-related compensation paid to Petit and Senken during the alleged fraud.Senken’s counsel, Mark Cohen of law firm Cohen & Gresser, responded in an emailed statement: “We are disappointed with the SEC’s decision to bring this civil suit against our client, which has put our client into a case in which he does not belong.
The former executives “misled investors about the growth of MiMedx’s revenues and then repeatedly concealed their fraud,” Kurt Gottschall, director of the SEC’s Denver Regional Office, said in a news release. Prior to the United States’ disclosure to MiMedx of its investigation, MiMedx made a disclosure to the VA Office of Inspector General regarding its commercial sales practices.
The case was supervised by Laura Metcalfe. The SEC also charged Petit, Taylor, and Senken with lying to MiMedx’s outside auditors. All Rights Reserved. Join Compliance Week on Sept. 17 for a one-day virtual event covering vendor due diligence and onboarding challenges; the impact of COVID-19 on fraud and anti-corruption in the supply chain; the regulatory response to change; automation in the new normal; and more. Biotech firm MiMedx Group, which jolted investors last week by delaying its year-end earnings announcement, is under U.S. Justice Department scrutiny related to … MiMedx has agreed to settle with the SEC, without admitting or denying the allegations, by consenting to the entry of a final judgment, subject to court approval, that permanently restrains and enjoins the company from violating certain provisions of the federal securities laws. Two other recipients of PPP funds, MiMedx Group Inc. and CV Sciences Inc., have paid fines to settle SEC investigations. MiMedx Group, a developer and marketer of regenerative and therapeutic biologics, has appointed Mark Graves as chief compliance officer. As part of the resolution, the company also agreed to pay a civil penalty in the amount of $1.5 million. As previously disclosed, several members of prior management were separated from the company, and those separations were later determined to be ’for cause,’ based on the audit committee’s independent investigation.”“We are focused on our future as a mission-centered healthcare company and are committed to continued implementation of strong financial systems and independent oversight controls, which reflect both sound business practices and an ethical culture,” Chief Executive Officer Timothy Wright stated. The alleged conduct resulted in serious criminal charges Petit and Taylor now face.”MiMedx’s proprietary Purion methodology allows for the processing of human placental tissue for the purpose of allografts. The Securities and Exchange Commission has charged biotech company MiMedx Group and three of its former top executives with defrauding investors by misstating the company’s revenue and attempting to cover up their misconduct.MiMedx has agreed to settle with the SEC, without admitting or denying the allegations, by consenting to the entry of a final judgment, subject to court approval, that permanently restrains and enjoins the company from violating certain provisions of the federal securities laws. Petit, a well-known philanthropist and finance chairman of Donald Trump’s presidential campaign in Georgia, Taylor, and Senken all served in their C-suite positions from 2011 to 2018.The SEC charges involve MiMedx’s revenue from five distributors.
Without admitting or denying the allegations, MiMedx has agreed to a settlement and to pay a $1.5 million penalty.
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