NEW YORK, May 22, 2009 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") reminds investors of Sequenom, Inc. ("Sequenom" or the "Company") (Nasdaq:SQNM) that June 30, 2009 is the deadline to submit a request to the court to be appointed Lead Plaintiff in the class action. Pomerantz filed a class action lawsuit in the United States District Court, Southern District of California, against the Company and certain of its top officials. The class action (09-cv-976) was filed on behalf of those who purchased securities of the Company between June 4, 2008 and April 29, 2009, inclusive (the "Class Period"). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Ace and Rule 10b-5 promulgated thereunder.
Sequenom is a diagnostic testing and genetics analysis company. The Complaint alleges that during the Class Period, Defendants issued public statements concerning the Company's "crown jewel" -- SeQureDx Down syndrome test ("SEQureDx") -- which is intended to detect Down Syndrome in the first trimester of a pregnancy. Defendants consistently reported that clinical results concerning the Down syndrome test trials for the product were extremely favorable, with 100% detection and no false positives, compared to only 70-90% detection and 5% false positives in competing tests. Moreover, the Company represented that the product would be ready for sale by June 2009. Defendants' public statements were false and/or failed to disclose material adverse information, i.e., (1) Sequenom employees "mishandled" test data and results regarding SEQureDx clinical trials; (2) SEQureDx did not offer verifiable, statistically significant improvement over competing tests; and (3) due to undisclosed problems with the clinical tests data and results, Sequenom would be unable to bring SEQureDx to the market by June 2009.
On April 29, 2009, after the market closed, the Company issued a press release revealing the foregoing facts, and stating that the Company's press releases and SEC filings going back to June 4, 2008 could no longer be relied upon. On this news, Sequenom's stock price fell by $11.29, or more than 75%, on extremely high trading volume of over 88 million shares.
Shareholders outside the United States may join the action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Teresa L. Webb (tlwebb@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and the San Francisco Bay area, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.