Celera Corporation’s (CRA) Disclosure Of A Litigation Could Have A Material Impact On Business
February 23, 2010 5:26 PM
Analysts at UBS (NYSE: UBS) have an update on Celera Corporation (NASDAQ: CRA) in a report released yesterday. The company disclosed on Friday that its subsidiary Berkeley Heartlab has filed litigation against Health Diagnostic Laboratory.
According to litigation, Health Diagnostic Laboratory, which was founded by a former senior executive of Berkeley Heartlab, provides services similar to the one provided by Berkeley. In January, some of Berkeley’s key sales representative resigned, and joined Health Diagnostics. As a result several health care providers that conducted business with Berkeley switched to Health Diagnostics. Analysts at UBS believe that the litigation should have a material impact on Celera’s Business.
The company will also report results for the fourth-quarter on March 3. Analysts expect the company to provide further details on the litigation on that day.
Analysts at UBS have a Neutral rating for Celera Corporation, with a 12-month price target of $7.
