“PETE LIED!” SAYS MIMEDX’S BOARD OF DIRECTORS (Orthopedics This Week)
Parker "Pete" Petit
After the stock market closed Thursday, May 23, the MiMedx board of directors set fire to ousted CEO Parker (Pete) Petit’s blueprint for retaking control of the company, accusing him and his management team of a variety of legally dubious accounting and employee management behaviors.
Buried deep in the report is a poison pill targeting Petit personally (see below).
Less than two hours later, the Wall Street Journal reported that an internal investigation found that MiMedx’s products were never brought into FDA compliance under Parker’s management after 2016 inspections (more below).
The MiMedx Board’s Audit Committee Findings
In a Form 8-K filing with the Securities and Exchange Commission (SEC), the company said its audit committee, first stirred to action by late 2016 employee allegations of improper revenue recognition, tried to investigate on its own, but was stonewalled by upper management into early 2018.
The board then hired the legendary international corporate law firm King & Spalding (K&S) in February 2018 to investigate. K&S in turn hired the accoun...
