Sequenom, Metabasis: The Cost of Mismanagement

July 6, 2009 at 3:36 pm EST | Tags: , , , , ,

Sequenom, Metabasis: The Cost of MismanagementWe always hear about “restructurings” and “cost saving initiatives” and shareholder value,” but do the personal stories of those affected by layoffs ever reach the mass media?

The stories are out there, but I guess you just gotta look…really hard.

Voiceofsandiego.org is running a piece on the recent layoffs at Metabasis Therapeutics (MBRX). IguanaBio broke the news ahead of a formal MBRX press release last month and we wrote how several employees were told to “go to BofA and cash the checks immediately” because the company had run out of funds.

You can check out our coverage right here.

Now, Voiceofsandiego.org is further saying (as one employee put it)…

“We were thrown out into a bank run. It was a crazy scene, like the 1929 stock market crash. It was an amazing debacle.”

What about Sequenom (SQNM) who back in April said four of its employees mishandled data for its SEQureDX test for Down syndrome? The news sent the stock plummeting 70% and may now cost 500 employees their jobs in Grand Rapids, MI.

The SEC is investigating SQNM for any illegal trades that occurred during the crash, but while that plays out, the company’s Center for Molecular Medicine laboratory hangs in the balance.

Here’s the full scoop…

As for SQNM, here’s our complete coverage.

Anonymous Tip? Comments? Contact us: hr AT iguanabio DOT com

Related Posts

| SEC Launches Sequenom Probe | Sequenom Lawsuits Mounting, Company Crisis Looms | SEQUENOM Crashes, Burns After Hours! Says Employees “Mishandled” Data, Down Syndrome Test Delayed! | SEQUENOM Continues Tank, Employees Suspended, Hedge Funds Sacked, Other Companies/Shareholders Suffer | Layoffs!!! AP Pharma, Reddy’s (Not) and What’s Going on at Metabasis? |


Comments

4 Responses to “Sequenom, Metabasis: The Cost of Mismanagement”
  1. Laidoff says:
    July 6, 2009 at 7:23 pm

    It’s true. I literally ran over to the bank to cash the check to make sure it didn’t bounce. It’s been a nightmarish last few weeks, but I still firmly believe in the company’s science. I hope they can pull it together.

  2. someguy says:
    July 11, 2009 at 2:11 pm

    With respect to SQNM, your column reads like 500 people may be out of work. The 500 jobs are new jobs, intended to be created between now and 2013. These jobs are to support the workload that will come with a commercial test release. SQNM has confirmed that they still plan to expand the Michigan lab, but the current setback has delayed plans.

    Bottom line is that you are not going to see 500 punted out on to the street.

    I appreciate that this is a gossip site but do some homework.

    Thanks.

  3. Just laid off from Pfizer says:
    July 11, 2009 at 5:03 pm

    Hi Someguy:

    I hope you are right about SQNM and there is not really a job loss. At Pfizer, they do everything possible to obviscate the number of lay offs. They call them “early retirements”, “normal lack of retention” and anything else to try to make the local communities underestimate the carnage that is really going on.

    This industry is in a tough way.

  4. Somegirl says:
    July 13, 2009 at 11:27 am

    Someguy is right. SQNM planned to hire 500. They are not laying off 500 people. Just read the press releases and use common sense.

Leave a Reply

Would you like to register?