Unilife plunges after canceling earnings call on ex-CEO’s possible ‘violations’

Unilife (NSDQ:UNIS) shares plunged this morning after it canceled an earnings conference call due to its discovery of possible company policy and legal “violations” by former chairman & CEO Alan Shortall.

Shortall, who left the company in March along with COO Ramin Mojdeh, was elevated to chairman in 2013.

Yesterday Unilife said it will delay reporting its fiscal 3rd-quarter results “due to the discovery by the company’s current management team of violations of company policies and procedures and possible violations of law and regulation” by Shortall.

“The company is investigating these matters and their potential impact on financial reporting and internal controls over financial reporting, related to previously-issued financial statements, current interim financial information, and management’s certifications. The investigation has just commenced due to the recent discovery by current management but has not to date discovered any financial loss to the company,” Unilife said

A shareholders meeting slated for later today is still on track, the company said.

UNIS shares plummeted -26.3% to $0.374 apiece today in early trading.

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