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Orchid Shares Slide 11 Percent on Earnings Restatement and Delisting Notice

Apr 07, 2006

NEW YORK, April 7 (GenomeWeb News) - Shares of Orchid Cellmark were down 11.21 percent, or $.60, at $4.75 in mid-afternoon trading after the company reported that it will restate its earnings for the second and third quarters of 2005, and that it has received a delisting warning from the Nasdaq exchange for failing to file a financial statement on time.

 

As GenomeWeb News reported this morning, the earnings restatements were traced to 163,259 shares of Lifecodes, which Orchid acquired in December 2001, which were valued at $1.6 million and that should have been recorded at the settlement date as a non-operating gain and an acquisition of treasure stock, according to Orchid.

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