(Source: MARKETWIRE)
A class action lawsuit was filed in the United States District Court for the Southern District of California against Sequenom, Inc. (NASDAQ: SQNM). The complaint alleges violations of federal securities laws, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from June 4, 2008 through April 29, 2009.
Sequenom is a diagnostic testing and genetics analysis company. The Complaint alleges that during the Class Period, Defendants issued public statements concerning the Company's "crown-jewel" -- SeQureDx Down Syndrome test ("SEQureDx") -- which is intended to detect Down Syndrome in the first trimester of a pregnancy. Defendants consistently reported that clinical results concerning the Down Syndrome test trials for the product were extremely favorable, with 100% detection and no false positives. Furthermore, the Company represented that the product would available for use by June 2009. Defendants' public statements were false and/or failed to disclose material adverse information which as a result prevented Sequenom from bringing to market SEQureDx by June 2009.
On April 29, 2009, after the market closed, the Company issued a press release revealing the foregoing facts, and stating that the Company's press releases and SEC filings going back to June 2008 could no longer be relied upon. On this news, Sequenom's stock price fell more than 75% on extremely high trading volume.
For further information, questions about the lawsuit or how to participate, please contact Ann White Law Offices, at the email below.
Contact: Ann D.White Law Offices, P.C. mbucher@awhitelaw.com
SOURCE: Ann D.White Law Offices
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