Maravai LifeSciences slips on Danaher lawsuit in U.S. against CEO

Maravai Lifesciences Holdings

19/10/2022 17:20

** Shares of biomedical co Maravai LifeSciences Holdings Inc
 MRVI.O  fall 11.9% to $17.3
    ** MRVI to temporarily reinstate Executive Chairman Carl
Hull as co CEO  urn:newsml:reuters.com:*:nGNX3djmFY
    ** Three subsidiaries of Danaher Corporation, two of which
previously employed recently-appointed MRVI CEO William Trey
Martin, file a lawsuit against Martin and co alleging Martin is
in breach of non-competition agreement
    ** MRVI says it has placed Martin on paid leave after the
U.S. court yesterday issued a temporary restraining order
prohibiting him from working for co pending a preliminary
injunction hearing expected to occur later this year
    ** Including session's loss, stock down ~58% YTD
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com))