Former MiMedx Chairman and CEO Parker H. "Pete" Petit and Former MiMedx President and COO William C. Taylor Respond to Reports of Their Separation from MiMedx

BOSTON and LOS ANGELES and WASHINGTON, Sept. 20, 2018 /PRNewswire/ -- "Today's announcement that former MiMedx Chairman and CEO Parker H. "Pete" Petit and former MiMedx President and COO Bill Taylor were dismissed 'for cause' is deeply disappointing," said Quinn Emanuel attorney Bill Weinreb.  Weinreb commented, "Regrettably, public companies facing government investigations into alleged malfeasance have developed a standard playbook: identify purported 'wrongdoers' among top management, dismiss them without severance, and then argue that the 'problem' has been fixed and there is nothing more for the government to do.  Our clients Mr. Petit and Mr. Taylor are the latest victims of this unfortunate practice.  The Company effectively accused, tried, and convicted them of unspecified inappropriate conduct without first giving them notice of the 'charges' or a fair and meaningful opportunity to respond."

Bill Taylor commented, "I am extremely disappointed by the Company's decision and by the manner in which it was reached.  The investigators conducted an unfair investigation that has needlessly damaged employee morale, productivity, and shareholder value.  Despite today's announcement, both Pete Petit and I remain immensely proud of our tenure at the helm of one of the fastest-growing public companies in the country.  I hope every MiMedx employee shares our pride in having been part of that accomplishment. I thank every employee and am honored to have worked with each of you."  

Pete Petit also commented, "It was a great privilege for me to serve MiMedx shareholders as CEO and Chairman of the Board.  I now look forward to joining our shareholders in initiatives that will refocus the Company and its fiduciaries on getting back to efficient and effective business management."

"The internal investigation that led to today's announcement has spun out of control.  Shareholders should question whether the Audit Committee, which has led the investigation, is acting in the Company's best interests or its own best interests in finding others responsible for accounting matters for which the Committee itself bears ultimate responsibility," concluded Weinreb.

Quinn Emanuel is a 780+ lawyer business litigation firm?the largest in the world devoted solely to business litigation and arbitration with 22 global office locations.  Firm lawyers have tried over 2,600 cases, winning 88% of them.  When representing defendants, Quinn Emanuel's trial experience gets better settlements or defense verdicts.  When representing plaintiffs, Quinn Emanuel lawyers have won over $60 billion in judgments and settlements.  Quinn Emanuel has also obtained five 9-figure jury verdicts, thirty-four 9-figure settlements, and fifteen 10-figure settlements.  FTI Consulting named Quinn Emanuel the biggest litigation firm in the world.  The American Lawyer named Quinn Emanuel the top IP litigation firm in the U.S. and the firm as one of the top six commercial litigation firms in the country.  Four times in the last 5 years, we were voted as one of the four "most feared" firms by General Counsels at Fortune 500 companies ? the lawyers they "least like to see" on the other side.  The UK legal periodical, The Lawyer named us "International Firm of the Year."  Law360 selected us as Antitrust, Appellate, Banking, Class Action, Insurance, Product Liability, IP, White Collar, and Trials "Practice Groups of the Year."  Managing IP twice recognized us as having the "Best ITC Litigation Practice" and honored us with the "Patent Contentious West" award.  Legal Business has named us "US Law Firm of the Year" three times, and our German offices have been named both IP Litigation and Patent Litigation Firm of the Year by JUVE, Germany's most prestigious legal publication.  Global Investigations Review, a leading legal periodical covering global white collar investigations, named us the "Most Impressive Investigations Practice of the Year."  Global Arbitration Review named us the 11^th best arbitration practice in the world. Further information is available at www.quinnemanuel.com.

SOURCE Quinn Emanuel Urquhart & Sullivan, LLP