Feb 20, 2018

MiMedx stock craters on internal probe

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Data: Money.net; Chart: Axios Visuals

The stock price of MiMedx plummeted 35% Tuesday morning after the company, which sells products for burns and wound care, said it was postponing the release of its 2017 financial results due to an internal investigation of its sales practices.

Why it matters: Short sellers like Marc Cohodes have long alleged MiMedx fraudulently inflated its sales numbers. Delaying the financials, at a minimum, is a public-relations disaster and could indicate deeper trouble from government auditors.

Go deeper: MiMedx CEO Pete Petit is a big backer of President Trump and former health secretary Tom Price, and Petit's feud with short sellers reached a boiling point this past January.

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Kendall Baker

UFC wants to host fight on tribal land to avoid coronavirus restrictions

Illustration: Aïda Amer/Axios

In an attempt to skirt federal and state guidelines during the coronavirus pandemic, the UFC plans to hold its April 18 pay-per-view event on tribal land in California, per multiple reports.

The state of play: Even as the rest of the sports world hits pause, UFC president Dana White has remained adamant that fights must go on, and appears to have settled for a shutdown casino in a state with the fourth-most confirmed cases of coronavirus.

Go deeper5 mins ago - Sports

Mike Allen

Ivanka Trump plans focus on coronavirus recovery for small businesses

Ivanka Trump speaks at yesterday's White House videoconference with bank and credit card executives. Photo: Kevin Lamarque/Reuters

Ivanka Trump personally lobbied top bank executives to line up the $1.5 billion in commitments to small business that were announced yesterday at a videoconference among the bank executives and President Trump — stoking competitive juices among the execs to drive up their commitments.

The state of play: Ivanka, who has had workforce development in her portfolio going back to 2017, plans an increasing emphasis on small businesses in the weeks ahead as they navigate the rescue bill’s Payroll Protection Program, sources tell me.

Go deeper3 hours ago - Politics & Policy

Kim Hart

Public transit's death spiral

Illustration: Eniola Odetunde/Axios

Public transit systems across the country are experiencing a painful trifecta: Ridership has collapsed, funding streams are squeezed, and mass transit won't bounce back from the pandemic nearly as fast as other modes of transportation.

Why it matters: Transit agencies could see an annual shortfall of as much as $38 billion due to the coronavirus pandemic, according to TransitCenter. At the same time, they're more important than ever, with more than 36% of essential workers relying on public transportation to get to work.

Go deeper4 hours ago - Health