SAN DIEGO, Sept. 9, 2013 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo 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 Arroyo 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. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsarroyo.com.
Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/sequenom-inc/
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SOURCE Robbins Arroyo LLP