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Exact Sciences Corporation Message Board

  • pipkins_bagpuss pipkins_bagpuss Aug 12, 2009 7:41 PM Flag

    My letter to Ian Clements

    Hello Mr Clements.

    Excuse my vitriol and unvarnished opinions:

    I am utterly disappointed with the second quarter conference call.
    It was a mockery, devoid of any genuine news and clarity and way too "sanitized" for my liking.
    The entire presentation left me disgusted as a shareholder.
    I was angry not to be given the chance to ask some pointed questions.
    I was informed before the call started that an opportunity would be given.
    The CEO was "pandered to and cotton-gloved" by intimidated analysts that were scared to "rock the boat."
    Shame on you, Sequenom management. I am not impressed !

    It's unacceptable to hide behind the umbrella of this independent investigation.
    SQNM has lost credibility and market confidence because of this "mishandling" incident.
    This occurred on Harry's watch., the principal executive. Why hasn't he been fired?
    Why does he still continue to "lead" this company? I want heads to roll for this. I as a shareholder, have been financially, mentally, and emotionally terribly impacted by YOUR company's negligence. What's particularly galling is that staff are going to be rewarded with increased stock option plans, as per Harry, at the conference call. How can anyone deserve to have their benefits packaged increased when many shareholders have had their lives devestated by this company. How's that fair or justified?

    Why hasn't the senior executive who is directly responsible for the four miscreant employees who "fudged" the data on THREE separate studies also been suspended?
    Is it just a "coincidence" that after these 3 trials, that inflated the pps, because of the claimed 100% accuracy of these data, SQNM went onto to shortly thereafter, raise hundreds of millions of dollars. That is highly suspicious. I am outraged because I invested thousands of dollars based upon the press releases following these "bogus" results, only to be told later, that that data can now no longer be relied upon. This smells like fraud !

    Also, why hasn't there been any conclusion to this mess after 105 days or 15 weeks. You should never have even suggested that "typically" these situations take 30-90 days. You were wrong to do this, because now you say "it's not in our hands." What you should have said is: "we don't know whether it will take 1 day, 1 week or 1 month or 1 year...We are sorry..." THAT, would have been the responsibile thing to say. You've set up expectations because of an irresponsible and half-thought out comment...
    It's beyond my patience why there has been no resolution still. This investigation team know the 4 individuals responsible and they have full access to the "fudged" data. So why no resolution to this fiasco nearly 4 months later?

    I make no apology for the strident tone of this email. SQNM needs to hear from angry shareholders like myself. In my opinion, you all "got off" way too easily at that conference call. I was furious that "regular joes" like myself never got the chance to ask some proper questions. Can I remind you that as a shareholder, I own part of this company and have the absolute right to get my opinion across of what I think of this management team.

    I would appreciate a response at your earliest convenience.

    From an enraged shareholder,

    Yours faithfully,

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