Arqule (NASDAQ:ARQL): Following a planned interim analysis, when they concluded that the study would not meet its primary endpoint of improved overall survival, ArQule and Daiichi Sankyo announced that the independent Data Monitoring Committee of the Phase 3 Marquee trial should be stopped early. Marquee is a randomized, double-blind, controlled pivotal trial to evaluate the investigational selective MET inhibitor, Tivantinib in combination with Erlotinib, in previously treated patients with locally advanced or metastatic, non-squamous, Non-Small-Cell Lung Carcinoma (NSCLC). Although the interim analysis showed a statistically significant improvement in progression-free survival in the intent-to-treat population, this benefit did not help overall survival. On a positive note, there were no identified safety concerns. Their shares closed at $2.18, down $2.81 or 56.31% on the day. They have traded in a 52-week range of $4.46 to $8.32.
Express (NYSE:EXPR): Express anticipates a comparable sales decline into the mid single digit numbers during the third quarter. Their shares closed at $11.68, down $3.33 or 22.19% on the day. They have traded in a 52-week range of $14.50 to $26.27.
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MSCI Inc (NYSE:MSCI): MSCI Inc, is making a further disclosure regarding the “whistleblower” complaint previously made to the Securities and Exchange Commission. On September 14, ISS received a Wells Notice from the Division of Enforcement of the SEC indicating that their intent was to recommend a public administrative proceeding against ISS for violations of Sections 204A and 206 of the Investment Advisers Act of 1940 and Rule 206(4)-7 thereunder. We understand the basis of this action would be that while ISS did have policies in place, as well as procedures restricting and safeguarding client voting information, the ISS did not have policies and procedures to specifically address communications with proxy solicitors. Additionally, ISS’s systems allowed the employee to view voting information pertaining to ISS’s clients, rather than only allowing clients who were assigned to the employee as a client account manager, to see this information. Another reason for the SEC’s action was, that although the Company had policies in place regarding the receipt of gifts and entertainment, they did not adequately train or supervise their employees relating to their interactions between themselves and proxy solicitors, the receipt of meals and entertainment provided to their employees by proxy solicitors was another issue that was not properly addressed. Since learning about the terminated employee’s actions, ISS has thoroughly reviewed their policies and procedures. As a result of this review, ISS has implemented a new policy, specifically addressing communications and contacts with proxy solicitors, has enhanced their internal systems to further restrict internal access to client voting information, and has conducted further training regarding their gifts and entertainment policy. Their shares closed at $26.21, down $9.61 or 26.83% on the day. They have traded in a 52-week range of $27.53 to $38.17.
Tim Participacoes (NYSE:TSU): According to a Reuters report, Tim Participacoes, Brazil’s second-largest wireless phone company and the Brazilian affiliate of Telecom Italia (NYSE:TI), are facing an investigation of their accounting practices by Brazilian securities regulator CVM and the United States Securities and Exchange Commission. Their shares closed at $18.52, down $0.88 or 4.54% on the day. They have traded in a 52-week range of $18.43 to $33.04.
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