MARIETTA, Ga., Sept. 26, 2017 /PRNewswire/ -- MiMedx Group, Inc. (NASDAQ: MDXG), the leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts and patent-protected processes for multiple sectors of healthcare, announced today that the Company has agreed to a confidential lawsuit settlement from one terminated employee.
MiMedx has settled its lawsuit with former employee, Harold Purdy. In this settlement, Mr. Purdy has agreed to pay a substantial six figure settlement to MiMedx as restitution and to reimburse litigation expenses. Harold Purdy said, "Although I originally filed counter-claims, I learned through the discovery process that I was incorrect. I am therefore dismissing those claims and we have settled this case, and I apologize for my error. I do not have any personal knowledge about alleged 'channel-stuffing' by the Company." In fact, in sworn testimony, Mr. Purdy admitted that all of the MiMedx product he sold into his accounts was used, was not returned, and ordering patterns in the following months were not affected.
Parker H. "Pete" Petit, CEO, said, "We are pleased to have settled this lawsuit with Mr. Purdy. The prosecution of our other lawsuits is critical to ensuring the appropriate legal remedies and to rectify the misconduct committed by these individuals. We look forward to achieving appropriate outcomes from our legal actions against the other individuals involved in their corrupt schemes against the Company."
Bill Taylor, President and COO, noted, "We are pleased that we have positively concluded the lawsuit against Mr. Purdy, and we are optimistic that we will be successful in resolving the lawsuits with the other terminated employees sued by the Company for similar actions."
About MiMedxMiMedx® is the leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare. "Innovations in Regenerative Medicine" is the framework behind our mission to give physicians products and tissues to help the body heal itself. We process the human placental tissue utilizing our proprietary PURION® Process among other processes, to produce safe and effective allografts. MiMedx proprietary processing methodology employs aseptic processing techniques in addition to terminal sterilization. MiMedx is the leading supplier of placental tissue, having supplied over 1,000,000 allografts to date for application in the Wound Care, Burn, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic and Dental sectors of healthcare. For additional information, please visit www.mimedx.com.
Important Cautionary StatementThis press release includes forward-looking statements, including statements regarding potential outcomes of legal actions. These statements also may be identified by words such as "believe," "except," "may," "plan," "potential," "will" and similar expressions, and are based on our current beliefs and expectations. Forward-looking statements are subject to significant risks and uncertainties, and we caution investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include the risk that different or additional facts may be discovered that change conclusions, and the risks of litigation. For more detailed information on the risks and uncertainties, please review the Risk Factors section of our most recent annual report or quarterly report filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and we assume no obligation to update any forward-looking statement.
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MiMedx has settled its lawsuit with former employee, Harold Purdy. In this settlement, Mr. Purdy has agreed to pay a substantial six figure settlement to MiMedx as restitution and to reimburse litigation expenses. Harold Purdy said, "Although I originally filed counter-claims, I learned through the discovery process that I was incorrect. I am therefore dismissing those claims and we have settled this case, and I apologize for my error. I do not have any personal knowledge about alleged 'channel-stuffing' by the Company." In fact, in sworn testimony, Mr. Purdy admitted that all of the MiMedx product he sold into his accounts was used, was not returned, and ordering patterns in the following months were not affected.
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Parker H. "Pete" Petit, CEO, said, "We are pleased to have settled this lawsuit with Mr. Purdy. The prosecution of our other lawsuits is critical to ensuring the appropriate legal remedies and to rectify the misconduct committed by these individuals. We look forward to achieving appropriate outcomes from our legal actions against the other individuals involved in their corrupt schemes against the Company."
Bill Taylor, President and COO, noted, "We are pleased that we have positively concluded the lawsuit against Mr. Purdy, and we are optimistic that we will be successful in resolving the lawsuits with the other terminated employees sued by the Company for similar actions."
About MiMedxMiMedx® is the leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare. "Innovations in Regenerative Medicine" is the framework behind our mission to give physicians products and tissues to help the body heal itself. We process the human placental tissue utilizing our proprietary PURION® Process among other processes, to produce safe and effective allografts. MiMedx proprietary processing methodology employs aseptic processing techniques in addition to terminal sterilization. MiMedx is the leading supplier of placental tissue, having supplied over 1,000,000 allografts to date for application in the Wound Care, Burn, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic and Dental sectors of healthcare. For additional information, please visit www.mimedx.com.
Important Cautionary StatementThis press release includes forward-looking statements, including statements regarding potential outcomes of legal actions. These statements also may be identified by words such as "believe," "except," "may," "plan," "potential," "will" and similar expressions, and are based on our current beliefs and expectations. Forward-looking statements are subject to significant risks and uncertainties, and we caution investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include the risk that different or additional facts may be discovered that change conclusions, and the risks of litigation. For more detailed information on the risks and uncertainties, please review the Risk Factors section of our most recent annual report or quarterly report filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and we assume no obligation to update any forward-looking statement.
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SOURCE MiMedx Group, Inc.
