RADNOR, Pa., May 8 /PRNewswire/ -- The following statement was issued today by the law firm of Barroway Topaz Kessler Meltzer & Check, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of California on behalf of purchasers of the securities of Sequenom, Inc. (Nasdaq: SQNM) ("Sequenom" or the "Company") between June 4, 2008 and April 29, 2009 inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Barroway Topaz Kessler Meltzer & Check, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
The Complaint charges Sequenom and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Sequenom is engaged in genetics analysis and diagnostic testing. The Company had been developing a test known as SEQureDx, which was to be a non-invasive prenatal test for Down Syndrome. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's employees had mishandled test data and results for SEQureDx; (2) that SEQureDx failed to provide a significant improvement to existing Triple and Quad Tests; (3) that as a result, the Company would be unable to achieve a commercial launch of the test by June 2009; (4) that the Company lacked adequate internal controls; and (5) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.
On April 29, 2009, the Company astounded its investors and the market when it announced that the launch of SEQureDx would be delayed due to the discovery by Company officials of employee mishandling of research and development ("R&D") test data and results. As a result, the Company announced that its statements made between June 4, 2008 and February 3, 2009 regarding SEQureDx should no longer be relied upon. Following this announcement, it became apparent that the Company would be unable to launch SEQureDx in 2009, as originally planned. Further, the Company indicated that it would wait for results from independent clinical trials before launching the test, rather than relying on its own research. Upon the release of this news, shares of the Company's stock fell an astounding $11.29 per share, or 75.72 percent, to close on April 30, 2009 at $3.62 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Barroway Topaz Kessler Meltzer & Check which prosecutes class actions in both state and federal courts throughout the country. Barroway Topaz Kessler Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Barroway Topaz Kessler Meltzer & Check, or for additional information about participating in this action, please visit www.btkmc.com.
If you are a member of the class described above, you may, not later than June 30, 2009, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
CONTACT: Barroway Topaz Kessler Meltzer & Check, LLP Darren J. Check, Esq. David M. Promisloff, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at email@example.com
|SOURCE Barroway Topaz Kessler Meltzer & Check, LLP|
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