Boston, MA 06/26/2014 (wallstreetpr) – Nanosphere, Inc. (NASDAQ:NSPH) rallied more than 16 percent on Wednesday during which more than the average volume of shares changed hands on the back of positive development in the company. The company announced that the U.S. Food and Drug Administration cleared the bacterial portion of its Verigene Enteric Pathogenic Nucleic Acid Test (EP).
The company expects full clearance of the product following the completion of the full panel clinical study. The product offers faster testing time than the conventional methods, and it will play an important role in the vitro diagnostic test, without forgetting improving revenue for Nanosphere, Inc. (NASDAQ:NSPH).
The turf wars at American Apparel Inc (NYSEMKT:APP) may have just started if the latest developments are anything to consider. The ousted founder and CEO of the company Dov Charney is not ready to accept an ouster even if the board of directors is unanimous on the decision. Charney through his lawyer has moved to court to challenge his ouster, which he maintains as illegal.
The move to petition against the decision of the board appears to be a broad scheme by the ousted leader to regain control of the company in which he controls a stake of 27.2 percent. It is also emerging that a support group is backing the ousted leaders in his efforts to overturn the adverse decision by the board to terminate his services in the company.
Although Charney has been the face of American Apparel Inc (NYSEMKT:APP) for many years. However, his gross misconduct has cost the company in more than one way and the board believes that getting rid of him would help the company repair its reputation and balance sheet.
Sinclair Broadcast Group Inc (NASDAQ:SBGI) intends to sell two of its TV stations as the company seeks to win regulatory approval for its planned purchase of a Washington-based cable news and seven ABC affiliates. The sale of the stations will allow the company to comply with the regulatory requirements for the $1 billion purchase deal. The stations will be sold for a combined $97.4 million.