MINNEAPOLIS, May 19, 2009 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that 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" or the "Company") (Nasdaq:SQNM) publicly traded securities during the period June 4, 2008 through April 29, 2009 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before June 30, 2009. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that Defendants failed to disclose that Sequenom employees mishandled test data and results regarding a 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, dropping more than $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 purchased Sequenom, Inc. during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685