Qiagen terminated the first project for an NGS-based clinical trial assay after its pharmaceutical partner's phase II drug trial failed to meet its endpoint.
Company Founder and CEO Elizabeth Holmes has agreed to pay a $500,000 penalty. She is also barred from serving as an officer or director of a publicly traded company for 10 years.
The company issued more than 1.8 million shares of its common stock to several of its trade creditors to erase debt that it owed them, Precipio said in an SEC document.
The deal ends an investigation by the SEC into certain accounting practices by Alere's foreign subsidiaries. The company also consented to a cease-and-desist order.
The company, which also said it is short on funds, may have to pay $18.3 million to Hudson Bay Master Fund if forebearance is not granted for the default.