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GA. COA Judge William M. "Billy" Ray II. (Photo: John Disney/ALM) Judge William M. “Billy” Ray II. (Photo: John Disney/ALM)

A federal judge tossed out a securities class action against Marietta, Georgia-based biotech firm MiMedx, two former executives and an accounting firm, ruling that the lead plaintiff could not show that revelations about the company’s inflated revenue claims caused its shares’ value to plummet before they were sold. 

The ruling comes more than a month after former CEO Parker “Pete” Petit, 81, and former chief operations officer William Taylor were each sentenced to a year in federal prison after being found guilty of accounting fraud following a four-week trial in New York.  

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Greg Land

Greg Land covers topics including verdicts and settlements and insurance-related litigation for the Daily Report in Atlanta.

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