An audit committee probe into the business practices of regenerative medical company MiMedx Group Inc. has found no credible evidence the company needs to make changes to previously issued financial statements, according to a news release. The findings provided to the MiMedx board are preliminary and an audit committee is still investigating claims brought by two former MiMedx employees that the company engaged in fraudulent business practices, including those that alledgedly would affect the MiMedx’s revenue recognition policy. The claims were made in a lawsuit against MiMedx after the two former employees were fired for selling products of competitive companies. MiMedx management doesn’t believe there is any merit to the claims and doesn’t anticipate any material effect on financial statements. The investigation is ongoing. MiMedx shares were inactive in premarket trade, but have fallen more than 5% in the year to date, underperforming the S&P 500 Index , which is up nearly 11%
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