Alan must address everything tonight and in detail because when the likes of Eureka etc start to pick up the news coming from Forbes and put out articles such as the below it can get out of hand when not directly taken on, as they say it has taken the shine off of the news and any future news. C'mon Alan, deliver tonight please and squash the crap that's being reported and elaborate on the Sanofi deal, coming deals and expansion plans for multiple lines.
Article:
Possible fraud dogs Unilife
Brendon Lau10 September 2013
Print this pageThe Unilife Corporation (UNS) rollercoaster ride took another unexpected plunge today even as management secured an important contract with pharmaceutical giant Sanofi.
Shareholders should have been rewarded by the highly anticipated news that could generate more than $100 million in annual revenue for Unilife.
But corporate governance issues are dogging the stock, which crashed 7.8% in lunch time trade to 59 cents.
Unilife’s woes began when a recent article by Forbes highlighted credibility issues with management. Investors are further spooked by news that the company could be facing a class action lawsuit against its directors for allegedly breaching US Securities Exchange Act.
Separately a former ex-employee, Talbot Smith, has filed a whistle-blower lawsuit against Unilife for possible fraud and violations of the US federal securities act.
The allegations have overshadowed Unilife’s contract, which will see Sanofi purchase 150 million of its retractable syringes that will be pre-filled with Sanofi’s anti-coagulation drug.
Unilife will receive milestone payments of between $5 million and $15 million, on top of a royalty for every syringe sold. Some analysts estimate that the royalty payment could be worth as much as $100 million a year.
Unilife, which is listed in Australia and the US, is part of the Uncapped 100.
http://www.eurekareport.com.au/article/2013/9/10/live-markets/possible-fraud-dogs-unilife
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