an equal and opposite reaction
Case Details for "Sequenom, Inc"
Investigation of Sequenom for possible securities violations
Attorneys are investigating potential securities law violations by Sequenom, Inc. (NASDAQ:SQNM) on behalf of those who purchased Sequenom stock or securities between June 4, 2008 and April 29, 2009 and have suffered losses.
On April 29, 2009, after the market closed, Sequenom announced that the expected launch of its SEQureDxTM Down syndrome test will be delayed because of employee mishandling of SEQureDx test data and results. As a result, in after-market trading, Sequenom stock lost more than two-thirds of its trading value, falling from $14.91 to $4.69. The Company has promoted SEQureDx as a prenatal test to screen for Down syndrome. Now, however, due to the mishandling of test results by Sequenom employees, the Company has stated that "the company is no longer relying on the previously announced R&D test data and results" and that any commercial launch of SEQureDxTM will be delayed for an unknown period of time. In fact, the Company has hired a team of lawyers to conduct an "independent investigation" of the wrongdoing on behalf of a "Special Committee" of the Company’s Board of Directors. Moreover, the Company announced on April 29, 2009 that it will now review the test results and data for all its products, not just SEQureDxTM. The Company’s announcement states that multiple prior press releases and public statements concerning SEQureDxTM can no longer be relied upon, including press releases the Company issued on June 4, 2008, September 23, 2008, December 1, 2008, January 28, 2009, and February 3, 2009.
Posted on:04/30/2009
Company: Sequenom, Inc
Affected Class: those who purchased Sequenom stock or securities between June 4, 2008 and April 29, 2009 and have suffered losses
Scope: Nationwide
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