Monash IVF shares dive after ASX probe on embryo mixup
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The news: Monash IVF shares are sliding again after the company responded to an ASX aware letter questioning how soon the fertility business reported its second embryo transfer mixup after being alerted to the incident.
The numbers: Monash IVF shares had declined 5.3% at 10:46am AEST and are down 50% over the year to date.
Shares initially tanked last Tuesday after the company revealed it had mistakenly transferred a patient’s embryo back to them, instead of their partner's embryo.
The stock had been recovering throughout the week after Macquarie analysts characterised the selloff as an “overreaction” and Monash IVF CEO Michael Knaap resigned.
The context: In response to ASX queries sent to the company on Tuesday, Monash IVF said it did not immediately notify the market when it became aware of the incident on 5 June because it needed to be verified through an internal investigation to ensure it was “accurate and sufficiently definite to warrant disclosure”.
“[Monash IVF] immediately commenced an internal investigation and ensured that the information was verified and released promptly and without delay,” the response said.
Because the incident involved “confidential information of the most highly personal, private and sensitive kind”, Monash IVF claims that “a reasonable person would not have expected the information to be disclosed before the announcement was made”.
The source: ASX
