Shareholder Investigation of AxoGen, Inc.

AxoGen, Inc. (AXGN) Accused of Grossly Overcompensating its Directors

According to the derivative complaint, between November 2017 and October 2018, AxoGen touted healthy revenue, improved control over previously reported material weaknesses, and an increase in active accounts. AxoGen conducted two public offerings during this time, based in part on these representations.  On December 18, 2018, Seligman Investments issued a scathing report revealing that former employees alleged channel stuffing and backdating of revenue, that the number of active accounts may be overstated, that AxoGen’s growth was “driven by unsustainable, aggressive price increases,” and that payments to physicians relative to revenue creates “elevated risks relating to pay-to-play and anti-kickback laws.”  On this news, AxoGen’s share price declined almost 31% over the next 3 trading days and has yet to recover.

AxoGen, Inc. (AXGN) Shareholders Have Legal Options

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