In science, the worst possible thing you can do is manipulate the data. For any reason. The implications are far reaching, particularly if it involves patients. And no board of directors ever wants to find themselves dealing with this issue.
That’s exactly where the board of directors of Sequenom found themselves. As the result of an independent investigation led by a special committee of independent directors Sequenom has announced the dismissal of their CEO, Senior Vice President of R&D, three other employees and obtained the resignation of another officer. The CFO also resigned. The reason – mishandling of test data and results. Somewhere along the line there was a complete breakdown of internal controls that led to unsubstantiated claims, inconsistencies and errors in the data for a prenatal test of Down Syndrome.
Originally disclosed in an 8k filing on April 29th. investigators interviewed 40 witnesses and reviewed over 300,000 documents and emails during the course of the investigation according to the 8k filed on September 28th.
Rarely do directors get any credit for doing the right thing. This case is different. The directors dealt swiftly and fairly with the results of the investigation and now can move on to repairing the reputation of the company.