Arcturus Fails to Ratify Auditor in Latest Fallout After CEO Firing
Summary
The San Diego drug developer said late Monday that the typically routine step of ratifying the company’s auditor failed a shareholder vote.Arcturus added that failing to appoint an auditor means the company may miss the April 30 deadline to file its annual report with the Securities and Exchange Commission.In a letter to shareholders filed on Feb. 6, Payne’s attorneys contend that the steps the board took to remove him were improper and in violation of company policies.Arcturus’ lead drug, Lunar-OTC, was developed to treat a rare enzyme deficiency that leaves patients unable to control ammonia levels during digestion.The company adds that failing to meet financial reporting requirements puts it at risk of losing its listing on the Nasdaq exchange.