SEC Launches Sequenom Probe
July 1, 2009 at 1:58 pm EST | Tags: Collapses & Setbacks, Diagnostics, Legal, Scandals
Shares of Sequenom (SQNM) were down about 6%
today, one day after the battered diagnostics company said the U.S.
Securities and Exchange Commission (SEC) is investigating its April 29
announcement that it would delay launching its prenatal Down Syndrome
test due to mishandling of data by some employees.
SQNM says it received written formal notice on June 29. Here’s the company’s 8-K.
In case you don’t know much about SQNM, you can read all our posts right here on the plunge/scandal/collapse that shocked everyone back in April.
According to Reuters, Hapoalim Securities analyst Raghuram Selvaraju said that:
the SEC is currently limiting itself to the trading that occurred in Sequenom stock during the time the company made the announcement.
SQNM tanked almost 80% on April 30 (the announcement was April 29 during after-hours trading) when the company said none of the data for its SEQureDx Down syndrome test could be relied upon because it was “mishandled.”
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