Legend shares suffer on CEO 'residential surveillance' drama
Shares in Legend Biotech (Nasdaq: LEGN) fell by nearly 16% in the first four hours of trading on Monday.
This was not due to results on a drug candidate, but rather on Legend’s appointment of chief financial officer Ying Huang as interim chief executive, effective immediately, due to a drama involving the previous boss Fangliang Zhang and other employees.
A statement from the company said that on Friday it learned that China’s Customs Anti-Smuggling Department inspected places of business of GenScript Biotech Corporation, Legend Biotech’s parent majority shareholder, and certain of its subsidiaries, including Legend’s office in Nanjing.
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