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