The Last Act

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

After years of continually beating the market with quarterly revenue targets, Parker H. Petit, CEO of MiMedx Group, Inc., was sued by the SEC for  allegedly engaging in a “wide-ranging fraud” to inflate revenue.

Questions:

  1. What is the industry type in which MiMedx operates?
  2. What were the ways in which the company perpetrated the fraud?
  3. Who else were named as defendants in the suit and what is their current status in the company?
  4. What other incidents in the past of Petit and his former deputy point to wrongdoing?

Source:

Melin, A. (2019). SEC charges MiMedx and ex-CEO with accounting fraud. Accounting Today, Nov. 27 (Retrievable online at accountingtoday.com/articles/former-mimedx-ceo-petit-charged-with-accounting-fraud-exposed-by-short-sellers?position=editorial_7&campaignname=ACT%20Daily-12022019&utm_source=newsletter&utm_medium=email&utm_campaign=ACT_Daily_Daily_TEST%2B%27-%27%2B12022019&bt_ee=UV5Ed%2Bjn4DVfH60DSb3n%2Fq61KiVPQ4RF3iQXvEyY7gw%3D&bt_ts=1575284535891)