Health and Healthcare
SEQUENOM's Next Wave of Issues: Lawyers (SQNM)
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Sequenom, Inc. (NASDAQ: SQNM) is trading higher today after the huge implosion yesterday. With a short interest of close to 30% of its whole float and with day traders and bottom-fishers getting in the stock, the gains we are seeing are probably not a huge shock to anyone. But the company has severely hurt its credibility, and the lawyers are already coming after it.
Shareholder suits usually come after any severe price drop in a stock. Notices of class action suits already started coming late yesterday.
We have seen class action suits filed by Johnson Bottini, LLP and also by the Law Offices of Howard G. Smith. We have even seen a release noting that Roy Jacobs & Associates announced that it is investigating possible claims for the violation of the federal securities laws on behalf of purchasers of the common stock of Sequenom. We do not expect the suits to stop there.
This stock is up about 16% at $4.21 on very active volume (almost 16 million as of 10:40 AM EST), but keep in mind that this was at $14.91 when it closed on Wednesday before the news came out.
JON C. OGG
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