Interpace Biosciences (NASDAQ:IDXG) news for Wednesday includes a positive audit result pushing IDXG stock higher.
Interpace Biosciences notes that its Board of Directors’ Audit Committee has completed an investigation into complaints made about the company. These complaints were from employees and were over “employment and billing and compliance matters.” It also notes that one of the employees to file complaints is no longer with the life sciences company.
An Interpace Biosciences news release notes that an independent investigation into the matter found that these claims were unsubstantial. The Audit Committee held the investigation with the help of independent counsel and advisors and concluded no illegal activities had taken place.
Interpace Biosciences first announced the investigation in a Notification of Late Filing on Form 12b-25 in July 2020. That forum was filed in response to the late filing of its Form 10-Q for the quarter ended on June 30, 2020.
The positive report from the Audit Committee is no doubt an ease on the minds of IDXG investors. The stock has been experiencing a slump over these last few weeks. It started Aug 10 when the stock was sitting at $7.06. In the following weeks, it fell until it reached a low of $2.84 on Sept. 4. IDXG stock has continued to hover around that price until today’s news gave it a shot in the arm.
IDXG stock was up 47.7% as of Wednesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.