Biomarker developer Micromedic Technologies Ltd. (TASE:MCTC) said that it has been notified that the Tel Aviv District Prosecutor (tax and economics division) is planning to indict CEO David Solomon for insider trading.
The decision is a step in an Israel Securities Authority investigation into the company.
The court asked Solomon to appear and present his case as part of a hearing to decide definitively whether to indict him or not.
Micromedic said that at this point it does not expect the case to affect the company.
Micromedic develops bio-markers for early detection and improved treatment of cancer and diabetes. The holding company has four subsidiaries which are developing bio-markers in collaboration with research institutions in Israel and around the world.
Shares in Micromedic are down 6.5%.
Published by Globes [online], Israel business news - www.globes-online.com - on April 8, 2010
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