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Moderna CFO after two days in role as former employer Dentsply announces financial reporting investigation

Moderna Inc. surprised investors on Wednesday with the news that its chief financial officer left the company just two days after taking office after an internal investigation into financial reporting at his former employer was uncovered.

Jorg Gomez, who became CFO of Moderna on Monday, left the biotech after Dentsply Sirona Inc. XRAY,
-7.31%
revealed a probe.

The dental products and technology maker said it was late in filing its 10-Q quarterly earnings form with the Securities and Exchange because of the investigation.

“The investigation is ongoing and the company cannot predict the duration or outcome of the investigation.” said the file. “As a result, the Company has not yet completed its financial statements or its assessment of the impact of the investigation on its historical financial statements or on its financial statements for the three months ended March 31, 2022 and is therefore not able to complete its Form 10-Q in a timely manner.”

In a separate file The company offered more details and said its audit and finance committees are investigating allegations related to certain financial matters filed by former and current employees. The investigation focuses on the company’s use of inducements to sell products to distributors in the third and fourth quarters of 2021 and “whether those inducements were adequately addressed and the impact of those sales were adequately disclosed in the company’s periodic reports filed with the SEC.” .”

See also: Moderna’s stock is up 8% after beating sales and earnings expectations for the quarter

The Audit Committee is also investigating allegations that current and former executives “directed the use of these incentives and other measures to achieve executive compensation goals in 2021.”

The company has retained outside counsel and a forensic accounting firm. It has also made voluntary disclosures to the SEC and will continue to do so throughout the investigation.

moderna mRNA,
-2.56%
said its recently retired CFO, David Meline, will come out of retirement on May 11 while the company conducts a new CFO search.

Shares fell 2.5% premarket following the news and are down 48% year-to-date, while the S&P 500 SPX,
+0.25%
has fallen by 16%.

https://www.marketwatch.com/story/moderna-cfo-out-after-two-days-in-the-role-as-former-employer-dentsply-discloses-probe-of-financial-reporting-11652272982?rss=1&siteid=rss Moderna CFO after two days in role as former employer Dentsply announces financial reporting investigation

Brian Lowry

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