Business News

Opko Health Chairman, Chief Executive Frost Denies Wrongdoing in SEC Fraud Suit

Opko Health Inc (OPK) founder Philip Frost denied wrongdoing on Friday in response to a Securities and Exchange Commission fraud complaint filed against him last week that led to the company’s shares being halted.

Trading in Opko resumed Friday afternoon after being halted on Sept. 7 at 2:34 pm ET. The shares fell 15% on Friday.

“I was stunned by the SEC’s lawsuit and deny the allegations it contains against me. It was particularly disturbing that the SEC departed from its own longstanding practice of providing advance notice and a meaningful opportunity to address their questions in advance of filing an action,” Frost said in a statement.

Opko said in a statement on Friday it would “vigorously defend itself against the charges” and that the SEC’s lawsuit did not call into question its business or financial practices.

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