Sequenom settles shareholder suit
This article was originally published in The Gray Sheet
Executive Summary
Firm announces Jan. 15 it will pay $14 million to resolve a class action shareholder suit related to employee mishandling of its SEQureDX Down syndrome test data. Subject to final approval by the U.S. District Court for the Southern District of California, the firm will also issue to the class members and their attorneys 9.95% of its common stock outstanding. Former Sequenom CEO Harry Stylli, CFO Paul Hawran and Senior VP-Research and Development Elizabeth Dragon also have entered into the settlement. Sequenom fired Stylli and Dragon, and Hawran resigned, after an independent investigation revealed the firm failed to put in place adequate protocols and controls for the conduct of studies in the Down syndrome test program, leading to errors in data and inadequately substantiated claims (1"The Gray Sheet" Oct. 5, 2009)
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