Alexion Hunts For A CEO While Investors Await Investigation Details
CEO David Hallal and CFO Vikas Sinha have both left the company amid an audit investigation, while the company said it will file a delayed 10-Q in January or earlier.
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Alexion’s internal investigation of so-called pull-in sales found no improper financial activity, but will require employee training and amended procedures to avoid further violations of company policies.
A difficult December for Alexion sees a pivotal study of its blockbuster Soliris failing to show any benefit in preventing delayed graft function in kidney transplant patients, an indication for which there are no approved treatments.
One analyst that has been tracking Alexion’s delayed SEC filing believes that a former employee’s allegation of improper Soliris sales is unlikely to represent widespread fraud.