On November 4, 2016, Alexion abruptly cancelled an appearance at the Credit Suisse Healthcare Conference, scheduled to run November 6-8, 2016. Also on November 4, 2016, Alexion failed to file by market close its quarterly report on Form 10-Q with the SEC within its historical two-day window following an earnings announcement on October 27, 2016. On this news, Alexion stock fell $8.95, or 6.94%, to close at $120.05 on November 7, 2016, the next trading day.
On November 9, 2016, Alexion revealed that its board of directors is investigating allegations of improper sales practices tied to its top-selling drug Soliris.
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Robert S. Willoughby
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SOURCE Pomerantz LLP