Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) is having an overwhelmingly rough day in the market today, and for good reason. News of a police raid broke, spooking investors and prompting a sell-off. As is normally the case, our partners at Trade Ideas were the first to send the alert. At the moment (11:04), ALXN is trading at $123.70 per share after a decline of $5.12 per share (3.97%) thus far today.
ALXN Dives On Police Raid
As mentioned above. Alexion Pharmaceuticals is off to an overwhelmingly rough day in the market today after news broke that the company is the subject of a police raid. According to various sources, the company’s Sao Paulo offices have been raided by Brazilian authorities. The raid took place on Monday and was designed to uncover evidence about wrongdoing on the part of ALXN with regard to drug sales practices.
At the moment, there’s not much by way of details with regard to exactly what the police were looking for at the company’s offices. All we currently know is that the company has been raided in a probe to learn more about sales practices.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ALXN. In particular, we’re interested in learning more about the police raid as well as whether or not the company was in the wrong here. We’ll continue to follow the story closely and bring the news to you as it breaks!
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