Sequenom Tumbles After Execs Fired Amid Test Woes

NEW YORK (AP) — Shares of Sequenom Inc. plunged Tuesday after the diagnostic test maker said it forced out CEO Harry Stylli and several other executives after an investigation into the mishandling of results for its Down syndrome blood test.

The stock lost $2.10, or 36.9 percent, to $3.59 in afternoon trading. Shares have traded between $2.86 and $28.60 over the last 52 weeks.

In addition to Stylli, the company said late Monday it fired Elizabeth Dragon, senior vice president for research and development. Three other employees were fired, as well.

Furthermore, Chief Financial Officer Paul Hawran resigned on Friday, as did one other unnamed executive.

In April, Sequenom said study data and results for the SEQureDx Down test could not be relied upon due to "employee mishandling."

The company on Monday said no deliberate wrongdoing was discovered, but in a filing with the Securities and Exchange Commission, it said it did not put adequate protocols and controls in place. Some employees were not adequately supervised, according to Sequenom.