Legend Biotech Corporation


Before the markets opened on September 21, 2020, Legend Biotech Corporation (NASDAQ: LEGN) issued a press release announcing that its Chief Executive Officer, Dr. Fangliang Zhang, has been placed under residential surveillance by Chinese law enforcement authorities. In addition, Legend Biotech announced that the Chinese Customs Anti-Smuggling Department has inspected places of business in Nanjing and Zhenjiang, China, of GenScript Biotech Corporation, Legend Biotech’s parent and majority shareholder. These inspections, which included Legend Biotech’s location in Nanjiang, are related to an investigation concerning suspected violations of import and export regulations under Chinese law. On this news, shares of Legend Biotech have plummeted approximately 18% in intraday trading.

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