It's Official: Alexion's Q3 Filing Delayed Due To Internal Audit Investigation

Shares of Alexion Pharmaceuticals, Inc. ALXN traded down more than 6 percent in Wednesday’s after-hours session on the back of a delay in the filing of its latest 10-Q.

The deadline was set for Wednesday, 5:30 p.m. ET. Benzinga reached out several times to the company, which did not respond.

As per a FORM 12b-25, the 10Q could not be filed in time because the Audit and Finance Committee of the company’s board of directors is leading an “investigation into allegations that recently have been made by a former employee with respect to the Company’s Soliris sales practices.”

The committee in question is looking into whether Alexion’s personnel engaged in sales practices that did not match the company’s “policies and procedures and the related disclosure and other considerations raised by such practices.”

The Committee is also recurring to outside counsel to help it in the ongoing investigation.

“At this point in time, the Audit and Finance Committee’s investigation has not identified instances where Soliris orders were not placed by customers for patients or any facts that require the Company to update its previously reported historical results. The Audit and Finance Committee and its counsel are working diligently to complete the investigation, but at this time it is uncertain when this investigation will be complete and what the results of such investigation will be,” the SEC filing concluded.