Federal Probes at MiMedx Carry a Familiar Ring for CEO
- MiMedx said this month it will restate financial results
- Two other companies run by Petit also were investigated
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Parker “Pete” Petit spent years building a tiny skin-graft manufacturer into a $2 billion company, MiMedx Group Inc. Now, in a matter of months, it’s unraveling: Federal authorities are investigating. MiMedx shares have lost almost two-thirds of their value. Last week the company said it must restate more than five years of financial results.
Some of this is familiar territory for Petit, 78, one of Georgia’s most successful businessmen. In interviews, 19 current and former executives and employees of his companies describe a hard-charging leader -- one who didn’t dwell on the rules as he pursued revenue growth, according to about a dozen of them.