A Diagnostics & Imaging Week
The Securities and Exchange Commission (SEC) reported that William Duffey Jr., U.S. District Judge for the Northern District of Georgia, entered a judgment concerning Mark Kishel, a director of Immucor (Norcross, Georgia), enjoining him from future violations of SEC rules.
The court ordered disgorgement against Kishel of $13,650, plus interest of $1,117.48. He also was ordered to pay a civil penalty of $13,650. Kishel consented to the entry of the judgment without admitting or denying the allegations.
The complaint alleges that on March 25, 2004, when Immucor announced its fiscal 3Q04 results, the company informed investors that it believed it would receive FDA clearance to market its Galileo blood analysis system in the fall of 2004. On April 16, 2004, Kishel and Immucor's board of directors were informed that the company expected early FDA approval to market Galileo, constituting material non-public information.
Shortly after leaving that meeting, Kishel purchased Immucor securities. After the close of the markets on April 26, 2004, Immucor reported FDA approval of the Galileo system.
On April 27, 2004, Immucor's stock traded up $4.18 (19.19%) to close at $25.96 on heavy trading volume, with Kishel receiving $13,650 in unrealized gain as a result.
In other legalities, Epix Pharmaceuticals (Cambridge, Massachusetts), a developer of imaging agents used in MRI, reported that Judge Patti Saris of the U.S. District Court for the District of Massachusetts granted the company's motion to dismiss a shareholder class-action lawsuit against Epix, citing "failure to prosecute."
Saris issued the dismissal without prejudice after a hearing, Epix said.