On May 13, 2022, after market hours, MEI Pharma announced restatements of its financial statements for certain quarters for 2020 and 2021. In part, MEI Pharma stated, “[R]evenue was overstated in some quarters and understated in other quarters in the Company’s financial statements during 2020 and 2021. The Company will therefore restate its previously filed annual and quarterly financial statements for periods from June 30, 2020 forward.”
On this news, MEI Pharma share prices fell $0.0242, or 4.6%, to open at $0.4958 per share on May 16, 2022, damaging investors.
MEI Pharma, Inc.
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