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Biotech / Medical : The biotechnology mini portfolio

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To: zeta1961 who wrote (68)	12/31/2006 7:09:31 PM
From: Mike McFarland	Read Replies (1) of 93

Was going through the list, MEDX has four checkmarks against it, fwiw. online.wsj.com On May 24, the biopharmaceutical company said it had received a letter of informal inquiry from the SEC that said requested documents "related to Medarex's stock option grants and practices." On June 15, Medarex said it received a grand jury subpoena from the U.S. attorney’s office in New Jersey. On August 18, the company declared that it plans to restate its financial results for 2000 through the first fiscal quarter of 2006 following the company's review of its historical stock option grant practices. On Nov. 6, the company said Donald Drakeman resigned from its board and left the president and CEO positions, effective immediately. An internal investigation found option grants were dated on dates when the stock price was relatively low but it did not find evidence of fraud or willful misconduct on the part of the company.

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