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Report: MiMedx facing US DOJ probe over business practices

The U.S. Justice Department is investigating whether biotech firm MiMedx Group Inc. overcharged the government for its tissue repair products, Bloomberg News reported, citing anonymous sources.

The regulator is also looking into the Georgia-based company's distribution practices, including whether it improperly recorded sales of products that were not ordered, a practice known as channel stuffing.

MiMedx said it is not aware of any such investigations, the news outlet reported citing a company statement.

MiMedx's stock price was down 10.73% to $6.99 as of 12:44 p.m. ET on Feb. 26.