Bullish
$MDXG Bloomberg Opinion Short-sellers like to say that the CEOs who complain the loudest about them often turn out to be the ones with the most to hide. To judge by what regulators did Tuesday, that appears to be the case with Parker Petit, the former CEO of MiMedx Group Inc., a company that specializes in wound grafts, which he ran from 2009 until he was forced out by the board in 2018. During his last few years at MiMedx, Petit fought back fiercely as short-sellers began alleging that the company was “channel stuffing” — that is, shipping product to distributors who didn’t need it, and then booking the nonexistent revenue. Of course, no CEO likes investors who bet that the company’s stock will go down. But Petit seemed particularly obsessed with proving the short-sellers wrong. He devoted a section of the MiMedx website to rebutting their claims. He held anti-short conference calls. He described them as “a wolf pack” trying to bring the company down. He even sued several of them.
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