Robbins LLP Is Investigating the Directors and Officers of Sequenom, Inc. on Behalf of Shareholders
Robbins LLP is investigating whether certain officers and directors of Sequenom, Inc. (NASDAQ: SQNM) breached their fiduciary duties to shareholders. Sequenom provides genetic analysis solutions in the United States and internationally.
Sequenom Stock Drops on Report of Cash Collection Problems
On July 24, 2013, Sequenom announced the company’s financial results for the second quarter of 2013. Despite reporting a 91% increase in total revenues to $34.9 million for the quarter, Sequenom also reported a net loss of $31 million, as compared to a net loss of $29.6 million for the same period in 2012. According to Sequenom, the company suffered from delays in collecting payments as a result of medical coding changes adopted by Medicare, Medicaid, and other third-party payors. Sequenom also revealed that certain payors, including most state Medicaid plans, have yet to implement the new codes and, in some cases, no longer provide coverage for certain tests. On this news, Sequenom’s share price fell $1.39 per share, or 30%, to close at $3.30 on July 25, 2013.
Robbins LLP highlights that Sequenom shareholders have the option to pursue a shareholder derivative action through which shareholders aim to hold insider wrongdoers accountable for their actions, prevent future misconduct, and bring long-term value back to the company.
Sequenom shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Darnell R. Donahue at (800) 350-6003.