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Sequenom and Former CFO Settle Litigation

NEW YORK (GenomeWeb News) – Sequenom said after the close of the market on Friday that it has resolved a lawsuit filed by its former CFO against the company in 2010.

Terms of the settlement were not disclosed.

Paul Hawran, who served as Sequenom's CFO from 2007 to 2009, sued the company and some of its directors in August 2009, claiming they defamed him, among other things. Hawran resigned from Sequenom following the completion of an investigation into mishandled R&D test data in the company's Down syndrome molecular diagnostic program.

In his lawsuit, which was filed in the Superior Court of California for the North County of San Diego, Hawran accused the company, as well as current Chairman and CEO Harry Hixson and board members Ronald Lindsay and Richard Lerner of defamation and invasion of privacy. He also accused the company and the board members of intentionally interfering with his "prospective economic advantage," and of unfair business practices.

Hawran claimed that he was asked to resign from the company after raising concerns about the conduct of certain of its directors.

In January 2011, the court struck down parts of Hawran's lawsuit, including allegations of breach of contract and claims of "negligent and intentional misrepresentation and negligent and intentional interference with prospective economic advantage" by Sequenom and the individual defendants in the case.