Sequenom, Inc SQNM Securities Stock Fraud
Company: Sequenom, Inc
Ticker Symbol: SQNM
Class Period: Jun-4-08 to Apr-29-09
Date Filed: May-1-09
Lead Plaintiff Deadline: Jun-30-09
Court: Southern District of California
A class action has been commenced in the United States District Court for the Southern District of California on behalf of purchasers of Sequenom, Inc. ("Sequenom”) (NASDAQ:SQNM) common stock during the period between June 4, 2008 and April 29, 2009 (the "Class Period”).
The complaint charges Sequenom and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Sequenom is a diagnostic testing and genetics analysis company.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s Down syndrome test under development. Specifically, defendants failed to disclose that Sequenom employees mishandled test data and results regarding the Down syndrome test. As a result of defendants’ false and misleading statements, Sequenom stock traded at artificially inflated prices during the Class Period, reaching a high of $27.76 per share on September 24, 2008. This inflated stock price permitted Sequenom to raise $92 million in a secondary stock offering in July 2008, acquire a diagnostic company for fewer shares of Sequenom stock than would have been necessary absent the inflation, and commence a tender offer for another company in an all-stock transaction.
On April 29, 2009, after the market closed, the Company issued a press release announcing that the expected launch of its Down syndrome test would be delayed due to the discovery by Company officials of employee mishandling of research and development test data and results. As a result, the Company could no longer rely on the previously announced test data and results. On this news, Sequenom’s stock collapsed over $11 per share to as low as $3.23 per share, a one-day decline of more than 75%, on volume of more than 85 million shares.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
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