Hours after another FDA delay, Iovance CEO resigns — shares plummet
Here’s a good way to alarm investors: announce that the application for approval would be delayed by another year and then, less than 20 hours later, quietly disclose that your CEO of 5 years is abruptly departing.
Iovance revealed in an SEC filing Wednesday morning that CEO Maria Fardis had informed the board yesterday that she would resign from the company “to pursue other opportunities.” The company did not have a replacement lined up, but said they will begin a search “immediately” while general counsel Frederick Vogt stepped up as interim chief.
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