TrovaGene Lower By 40% Following Termination Of CEO, CFO

Shares of

were trading lower by more than 40 percent early Tuesday morning after the company

the termination of its CEO and CFO for cause. TrovaGene announced after Monday's market close that its Board of Directors terminated the employment of its CEO Antonius Schuh and CFO Stephen Zaniboni for cause. The company has also filed a complaint with the Superior Court of the State of California against the 2 executives for a breach of fiduciary duty. TrovaGene alleged that the 2 executives failed to present a "lucrative" corporate opportunity to the company concerning a "promising" new therapeutics and took that opportunity for their own personal benefit. TrovaGene added that its Board of Directors has appointed Dr. Thomas Adams, its current Chairman of the Board as CEO on an interim basis, effective immediately.