LOS ANGELES, May 5, 2009 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting claims for securities fraud, has filed a lawsuit on behalf of a class of shareholders who purchased or otherwise acquired the securities of Sequenom, Inc. ("Sequenom" or the "Company") (Nasdaq:SQNM). The complaint seeks remedies under the federal securities laws against Sequenom and certain of its executive officers and was filed in the United States District Court for the Southern District of California. A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
If you purchased or acquired Sequenom securities during the period June 4, 2008, through April 29, 2009, inclusive (the "Class Period"), the deadline to move for appointment as Lead Plaintiff is June 30, 2009. In order to serve as Lead Plaintiff, you must meet certain legal requirements. While your ability to share in any recovery is not affected by your decision of whether or not to seek appointment as a Lead Plaintiff, the Lead Plaintiff is responsible for making important decisions which could affect the overall recovery for class members, including decisions concerning settlement.
The complaint alleges that after months of touting the Company's accomplishments, on April 29, 2009, Sequenom issued a press release stating that its employees mishandled R&D test data for SEQureDx, which was being developed as a non-invasive prenatal test for Down syndrome. Sequenom also disclosed that the commercial launch of SEQureDx would be delayed and that: (1) the Company suspended four employees; (2) the Company formed a special committee of independent directors to oversee an independent investigation of the employees' activity related to the test data and results; (3) the committee engaged independent counsel to assist the committee in the conduct of the investigation; (4) the Company's previous press releases and public SEC filings concerning SEQureDx could no longer be relied upon; and (5) due to these developments, the Company is now reviewing the test results for all its products, not just SEQureDx. On this news, and after trading as high as $29.14 per share during the Class Period, the price of Sequenom common stock plummeted from its previous closing price of $14.91, to $3.62, a loss of over $11.00 per share.
If you: (i) wish to discuss this action or have information concerning this case; (ii) have questions concerning this Notice or your rights or interests with respect to this litigation; or (iii) have any other matters that you would care to discuss, please contact Vahn Alexander of Faruqi & Faruqi, LLP, 1901 Avenue of the Stars, Second Floor, Los Angeles, CA 90067, by telephone at (310) 461-1426, or by email to valexander@faruqilaw.com. There will be no obligation or cost to you concerning your inquiry. For more information about this action, the firm or cases currently being investigated or prosecuted by the firm, please visit www.faruqilaw.com.