NEW YORK, Nov. 17 (GenomeWeb News) - Shares in Ciphergen tumbled 13.87 percent, or $.24, to $1.49 in mid-afternoon trading after Ciphergen yesterday said that its second-quarter earnings report should "no longer be relied upon."
As GenomeWeb News reported earlier this morning, an audit committee appointed by Ciphergen said second-quarter earnings should be restated to correct the $500,000 in revenue that had apparently been improperly recorded from that period.
Ciphergen stock has had a rough week. Earlier this week, Nasdaq removed Ciphergen from its Nasdaq Biotechnology Index. The exchange also said that the company's common stock will be delisted from the Nasdaq National Market as of Nov. 25 for failing to file its third-quarter earnings report.