MiMedx: SEC Dismisses Lawsuit Against CEO Parker Petit

(RTTNews) - MiMedx Group Inc (MDXG) said Wednesday that the Securities and Exchange Commission has dismissed a lawsuit against the company's Chairman and CEO Parker "Pete" Petit.

The SEC had brought a civil action against Petit alleging that in 2007, when he was chairman and CEO of Matria Healthcare Inc, he provided inside information to a friend who subsequently purchased Matria Healthcare stock. The case did not involve MiMedx or MiMedx stock in any way, and the SEC dismissed the case against Petit.

Larry Papasan, chairman of the Nominating and Governance Committee of MiMedx's Board, said, "As stated in the press release we issued on January 11, 2012, the Board supported Petit based on its review of the evidence available to it, as well as his exemplary business career and impeccable reputation. We are delighted that the SEC has decided to dismiss this case."

Marietta, Georgia-based MiMedx Group manufactures products and tissue processing services.