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Actually at this point in time I am a customer (cord blood) but not a shareholder (luckily I sold near the peak during the bid speculation period).
I do care about breaches because it weakens the prospect of the company giving me the blood that I need. But ultimately I don' t want the company to shut down otherwise it cannot deliver me the promised blood.
Your point about alternatives makes me think you don' t really get the point of being a customer.
I do care about breaches because it weakens the prospect of the company giving me the blood that I need. But ultimately I don' t want the company to shut down otherwise it cannot deliver me the promised blood.
Your point about alternatives makes me think you don' t really get the point of being a customer.
U r shareholder and not customer right 😂
If u deposit the cord, u dont care abt breaches?
Cordlife can shut down. There are plenty alternatives ard
Mtgm has no integrity. Claimed its no material. SGX shld fine them big time. And whats MOH doing? Where is the severe fine?
If u deposit the cord, u dont care abt breaches?
Cordlife can shut down. There are plenty alternatives ard
Mtgm has no integrity. Claimed its no material. SGX shld fine them big time. And whats MOH doing? Where is the severe fine?
Alignment ( Date: 17-Jan-2024 10:03) Posted:
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In a way no lawsuits make sense - customers ultimately care less about a breach in temperature and more about whether the company can deliver appropriate cord blood if the necessity arises. Strictly speaking not the same thing. And the company won' t be able to fulfill the latter if it is no longer around as a result of a lawsuit.
desmondxyz ( Date: 16-Jan-2024 14:49) Posted:
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Part of the response TCSS (Talk Rooster Sing Song) LPPL
" However, the Company wishes to clarify that the information on the temperature excursions is mainly obtained from the Laboratory Environment Monitoring Alarm System, and not tank controller temperature data. The tank controller temperature data is mainly used to support the findings that tank temperatures are within the acceptable range for certain affected tanks. "
It' s like saying the Tsunami warning already went off but not to worry we have not seen the water coming in yet
" However, the Company wishes to clarify that the information on the temperature excursions is mainly obtained from the Laboratory Environment Monitoring Alarm System, and not tank controller temperature data. The tank controller temperature data is mainly used to support the findings that tank temperatures are within the acceptable range for certain affected tanks. "
It' s like saying the Tsunami warning already went off but not to worry we have not seen the water coming in yet
Not much free float..
desmondxyz ( Date: 16-Jan-2024 14:49) Posted:
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Surprisingly no lawsuit from the customers and share price still holding up ..... amazing
this one gone case. in other countries, customers can sue them big time.
Cordlife probe finds temperature in one tank went as high as 20.4 deg C in 2021
It&rsquo s trying to find out why critical incidents involving several storage tanks were not immediately reported
Cordlife&rsquo s report to SGX RegCo noted more than 10 episodes between November 2020 and July 2022 when certain tanks had out-of-range temperature fluctuations.
ONE storage tank at cord-blood banker Cordlife Group : P8A -1.61% was found to have hit a temperature as high as 20.4 degrees Celsius in 2021, according to a report obtained by The Business Times. This was way over both international standards, as well as the company&rsquo s internal acceptable temperature range.
Cordlife is scrutinising lab reports and work communications of key personnel in its laboratory, as it attempts to determine why critical incidents or &ldquo temperature excursions&rdquo involving several cord blood units (CBU) storage tanks were not immediately reported and escalated.
Among management&rsquo s discoveries &ndash cord blood samples were moved without proper records and documentation, and a &ldquo significant number of samples&rdquo may have been moved to a dry shipper that recorded instances of irregular temperatures in 2019.
Dry shippers are not meant for permanent storage, but are designed for the safe shipment of specimens.
Senior members of management were only made aware that there were samples in the dry shipper in November last year, according to the report, which was prepared by Cordlife in response to private queries from market regulator Singapore Exchange Regulation (SGX RegCo).
Among other things, SGX RegCo has asked the company for a chronology of events relating to irregular temperatures in Cordlife&rsquo s storage tanks from November 2020 &ndash when the earliest incident was said to have taken place.
Singapore&rsquo s Ministry of Health (MOH) announced in November that it had issued a notice to Cordlife to stop &ndash for a period of up to six months &ndash the collection, testing, processing and/or storage of any new cord blood and human tissues. The company also cannot provide any new types of tests to patients.
Above acceptable limits
MOH&rsquo s move followed two audits done last year after &ldquo a member of the public&rdquo complained to the regulator, alleging that CBUs stored in a tank at Cordlife had been exposed to suboptimal temperatures as well as other &ldquo service quality issues&rdquo .
The audits found seven of Cordlife&rsquo s 22 CBU storage tanks were exposed to temperatures above the acceptable limits of below minus 150 deg C, MOH said in a Nov 30 statement. Investigations are ongoing.
Cord blood is blood from the placenta and umbilical cord. Cord-blood transplants have been used to cure serious diseases, and many parents bank their children&rsquo s cord blood as a form of insurance.
Based on international standards, the biological and functional properties of the CBUs are preserved when storage temperatures are at below minus 150 deg C any warmer and the CBUs will start to thaw, risking damage to the stem cells in the cord blood. Cordlife&rsquo s internal standard is even lower, at minus 165 deg C.
Cordlife&rsquo s report to SGX RegCo, however, noted more than 10 episodes between November 2020 and July 2022 when certain tanks had out-of-range temperature fluctuations, based on tank controller temperature data.
In most instances, Cordlife alleged that the relevant staff had not escalated these fluctuations to senior management.
These temperature excursions, except for one that occurred in June 2022, were only brought to management&rsquo s attention by MOH during the regulator&rsquo s audit last year, said Cordlife.
The company&rsquo s daily manual monitoring procedures carried out by lab staff had not raised any red flags.
In response to a question on who was aware of these incidents and whether any remedial actions were taken, Cordlife disclosed that some individuals in its laboratory operations involving the relevant tanks at the time are no longer with the company.
Failure to alert
Its management is still trying to rule out any wrongdoing.
As for the June 2022 incident, inspection records indicate the company&rsquo s monitoring system, Laboratory Environment Monitoring Alarm System, failed to send a text message alert to designated lab staff when the tank failed to keep within the programmed parameters.
Certain members of Cordlife&rsquo s management team were notified of this matter in June, following which the incident was reported to the board in February 2023, Cordlife said previously in a public response to SGX queries.
The company also said the board made no announcements at the time as it took the view that there would be no material impact on the financial performance of the group for FY2022 and FY2023.
These events may be a setback for Cordlife, which boasts the largest network of stem-cell banking facilities in six key markets: Singapore, Hong Kong, Indonesia, India, Malaysia and the Philippines. This was more so at a time when awareness of stem-cell therapy and regenerative medicine are continuing to gain traction.
For the six months to June 2023, the company earned S$2.2 million in net profit, up 18 per cent from a year earlier, on the back of an 8 per cent improvement in revenue to S$28 million.
Singapore has three other licensed cord-blood banking service providers: Cryoviva (Singapore) Laboratory Services, StemCord and the Singapore Cord Blood Bank.
Since news of MOH&rsquo s audit findings and notice of compliance, Cordlife shares have lost about a third of their value &ndash falling from S$0.45 to S$0.31.
Its group chief executive Tan Poh Lan apologised to clients, and added that this is the first such incident in the group&rsquo s 23-year history. Tan, who was formerly CEO of Parkway East Hospital and Gleneagles Hospital in Singapore, is set to leave the group at the end of March.
In October last year, the company announced she would be retiring to pursue her personal interests.
Gone case, no revensue and so many negative reports on this company, please delist it
uiop1223 ( Date: 16-Jan-2024 08:48) Posted:
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Trading halt
When can MOH melt out the fine!!
Mindboggling if true.
ONE storage tank at cord-blood banker Cordlife Group : P8A -1.61% was found to have hit a temperature as high as 20.4 degrees Celsius in 2021, according to a report obtained by The Business Times. This was way over both international standards, as well as the company?s internal acceptable temperature range.
Cordlife is scrutinising lab reports and work communications of key personnel in its laboratory, as it attempts to determine why critical incidents or ?temperature excursions? involving several cord blood units (CBU) storage tanks were not immediately reported and escalated.
Dyodd? confidence is lost ?
Cordlife is scrutinising lab reports and work communications of key personnel in its laboratory, as it attempts to determine why critical incidents or ?temperature excursions? involving several cord blood units (CBU) storage tanks were not immediately reported and escalated.
Dyodd? confidence is lost ?
Cordlife&rsquo s six-month suspension to take effect from Dec 15
CORDLIFE&rsquo S : P8A +4.84% six-month suspension by the Ministry of Health (MOH) will take effect from Dec 15, it said on Friday (Dec 15).
During the suspension period, the cord blood banking company will have to cease collecting, testing, processing and/or storing any new cord blood and human tissues. It also cannot provide any new types of tests to patients.
It will also have to work hard to regain the trust of MOH and the public in its internal protocols, processes and standards of clinical governance during the suspension period and thereafter.
Cordlife received the six-month suspension notice from MOH after seven of its 22 cord-blood storage tanks were found to have been kept at temperatures above acceptable limits. These tanks, in deep freeze, held a total of 19,500 cord-blood units belonging to 19,200 clients.
The company had accepted MOH&rsquo s suspension notice a day earlier, and said then that it will not make written representations to the ministry on the notice.
CORDLIFE: THE APPROPRIATE TEST OF MATERIALITY THAT SHOULD HAVE BEEN APPLIED
What is the appropriate test of materiality that companies should apply when making corporate disclosures?
This question has direct relevance to the case of cord-blood bank service provider Cordlife Group, which is embroiled in controversy and the target of no small amount of criticism, following lapses in its storage of thousands of cord-blood units.
The cord blood banking company &ndash which is being investigated by the Ministry of Health (MOH) &ndash responded on Dec 10 to queries from the Singapore Exchange (SGX) on why its board did not make any earlier announcements on the temperature irregularities or the audit conducted by the ministry.
Cordlife on Nov 30 was suspended by the MOH from collecting new cord blood and human tissue following unannounced MOH audits on the company in August and November following a complaint from a member of the public in July.
In those audits, MOH found seven of the company&rsquo s 22 cord-blood storage tanks being kept at temperatures above 0 degrees Celcius.
SGX noted that Cordlife was aware that there were tanks exposed to temperatures beyond acceptable limits for several days in February, March and June 2022, but had not made any announcements.
Cordlife replied by saying &ldquo certain members&rdquo of its management team were alerted by an employee in June 2022 of irregular temperatures in one tank for several days in June, and the management had taken &ldquo immediate actions and carried out internal investigations to further understand the issue&rdquo .
Even though its board was informed of irregular temperatures in one of its tanks in February 2023, the company did not make any announcement as it assessed that there would be &ldquo no material impact on the financial performance of the group&rdquo for the 2022 and 2023 financial years.
The test of materiality that was applied was therefore whether the financial statements would be impacted, taking into account that the group had &ldquo adequate provisions to offset against the potential financial impact of any fee refunds or waivers of the remaining storage years that may be offered to clients in connection with the incident&rdquo .
In short, even though thousands of customers would later find that their cord-blood units were exposed to inappropriate temperatures, thus rendering them unusable, the company did not make any disclosures for several months.
Stated differently, it appears that the emotional impact on customers was not deemed sufficiently important, or for that matter, material to warrant prompt disclosure.
The immediate question is: If the Jun 2022 or even the Feb 2023 lapses had been disclosed promptly, how many customers would not have had to suffer the emotional distress they are now undergoing?
A recent commentary described Cordlife&rsquo s disclosure practice as &ldquo cavalier&rsquo &rsquo , given the severity of the incidents and the widespread damage caused.
The Securities Investors Association (Singapore) or Sias agrees with this description but would like to go one step further and offer our own interpretation of the correct benchmark of materiality which should have been applied as this holds valuable lessons for all companies when adverse events occur.
Granted, materiality is an elusive concept and application of the term often comes down to a judgment call. However, the impact of an event on the financial statements is only one dimension to be assessed the other, possibly more important one, is the conclusions that might have been drawn by a reasonable person had the news been disclosed promptly.
In this connection, any description of &ldquo reasonable person&rdquo would have to include a &ldquo reasonable investor&rsquo &rsquo as well. In Cordlife&rsquo s case, the market&rsquo s reaction to the MOH news was immediate and devastating &ndash its shares crashed by as much as 65.9 per cent, before closing 31.9 per cent lower at 31 cents on Dec 1, a level at which they have since remained.
Clearly, reasonable investors, when informed of the temperature lapses, reacted very negatively to the news despite the company&rsquo s earlier conclusion that there would be no impact on its financials.
It should be obvious from this that the correct approach is to evaluate materiality through an objective lens by putting aside potential biases or considerations regarding reputational damage.
On top of quantitative factors, all qualitative factors would have to be considered as well, since reasonable persons and investors would require such data to make informed decisions.
By focusing on the immediate financial impact when determining materiality and not considering the longer-term impact on customers and investors, Cordlife&rsquo s Board has done a disservice to all its stakeholders, which would have to include the broader community.
Cordlife is in the business of storing cord-blood, which is an excellent source of stem cells which can be used in later life to treat several disorders, including cancer. That several storage tanks were exposed to sub-optimal temperatures, thus damaging stored units struck at the heart of the very business the company is in, and disclosures should have been swift and immediate.
To only focus on the financial impact when deciding on materiality was patently wrong.
But volume traded low, no one want to sell,waiting for what ? Six months no business how company report result and give dividend....?
ysh2006 ( Date: 16-Dec-2023 07:06) Posted:
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Can close shop soon .
Why the share price still high ? This type of news cannot be good correct ?
Cordlife accepts suspension from MOH to stop collecting new cord blood and human tissues for six months
Cordlife says it will accept the Ministry of Health&rsquo s (MOH) decision to suspend the company from collecting new cord blood and human tissues for up to six months. It will also not be submitting written representations to the ministry, which had issued the notice on Nov 30.
The company will also be unable to test, process, store, and provide any new types of tests to its patients during the same period.
Following this, the company says it will be unable to assess the impact of the ongoing investigations on its financial performance for the FY2023 ending Dec 31.
In its Nov 30 filing, Cordlife revealed that seven of its cryogenic storage tanks based in Singapore have been exposed to temperatures outside of their normal temperature range from November 2020 to date.
&ldquo Since the detection of these irregularities, the company has undertaken viability testing of donated cord blood samples stored within one of the affected tanks, which represents approximately 2.66% of cord blood units stored by the company,&rdquo it had said at the time.
Minister for Health Ong Ye Kung said, on his Facebook page on Dec 8, that investigations by the ministry are still ongoing and that the probe could take up to six weeks.
Following the ongoing investigation by MOH, Cordlife&rsquo s accreditation with the Foundation for the Accreditation of Cellular Therapy (FACT) has been suspended indefinitely till the investigations are completed and the issues are solved.
Meanwhile, Cordlife&rsquo s accreditation with the Association for the Advancement of Blood & Biotherapies (AABB) for its facility in Singapore remains unaffected.
Both updates will not impact the storage of cord blood units at Cordlife Singapore, says the company in its Dec 7 release.
&ldquo I once again want to convey my sincere apologies to our clients for any distress that this incident has caused. We are working hard to update them on their individual situations as quickly as we can, as well as address the questions and concerns they rightly have. Our conversations with the Ministry of Health are continuing and we hope to be able to provide further updates on our progress soon. &ldquo We will be working closely with FACT and AABB to share updates and information as the investigation with MOH progresses,&rdquo says group CEO Tan Poh Lan on Dec 7.
Exit while still can