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How to recover customer's confidence
tedlim ( Date: 06-Dec-2023 10:48) Posted:
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Wonder why there are still investors keen on Cordlife......to me, this Company face more downside..ever when the lawsuits are settled...how can they attract new clients with such reputation/track record.
Sgvale ( Date: 02-Dec-2023 15:01) Posted:
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So many uncertainties at present - as the company says in its latest release, the financial impact cannot be assessed at this point.
One question is whether the HK business (the growth area for the company) will be affected in some way.
I feel for the clients involved.
One question is whether the HK business (the growth area for the company) will be affected in some way.
I feel for the clients involved.
Same fate as John Soh
37 years imprisonment
Down the drain
37 years imprisonment
Down the drain
Johnsnow ( Date: 02-Dec-2023 16:58) Posted:
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255 is the lowest and 335 highest. There are shorties in this stock
Just 1 month ago...TUB INVESTING came up with a not-so-positive article on Cordlife...and now this devastating news...
https://www.asiaone.com/singapore/might-well-put-cord-blood-my-fridge-parents-slam-cordlife-lapses
https://www.asiaone.com/singapore/might-well-put-cord-blood-my-fridge-parents-slam-cordlife-lapses
For_The_Next_Leg ( Date: 10-Nov-2023 17:57) Posted:
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No business for 6 months.
Reputation damage.
Face potential law suit & compensation damages.
Authority further enforcement.
Reputation damage.
Face potential law suit & compensation damages.
Authority further enforcement.
Cordlife shares sink over 40% after storage lapses damage thousands of clients&rsquo cord blood units
MOH said on Nov 30 that Cordlife Group was found to have exposed cryopreserved cord blood units at suboptimal temperatures, damaging the units.
SINGAPORE &ndash Shares of Cordlife Group plunged more than 40 per cent on Dec 1 after the Ministry of Health (MOH) found that the company had damaged cord blood units belonging to at least 2,150 customers, making these unsuitable for stem cell transplant purposes.
The stock was down 40.7 per cent to 27 cents as at midday, after closing at 45.5 cents the previous day.
It opened trading on Dec 1 at an all-time low of 16 cents. It then recovered some ground to trade at 26 cents. The last time the counter closed at this price was on March 30.
Some 593,000 shares changed hands, a marked increase in activity for the stock. Only 21,000 shares were traded on Nov 30.
MOH said on Nov 30 that the cord blood bank was found to have exposed cryopreserved cord blood units at suboptimal temperatures, damaging the units.
It has been ordered to stop collecting, testing, processing and/or storing any new cord blood and human tissues for up to six months. It is also not allowed to provide any new types of tests to patients.
Investigations are still ongoing and MOH said it will consider further enforcement actions.
Cordlife Group is one of five private cord blood banks in Asia and is the first cord blood bank in Singapore.
It owns seven facilities across the region and says it serves more than 600,000 parents in Asia.
In a media statement, the firm said this was the only time that such incidents had happened in the company&rsquo s 22 years of storing cord blood here and regionally.
The company will continue storing the damaged cord blood units for its clients until their child turns 21, in case these are still valuable with new developments in cell and gene therapy.
Cordlife Group has 14 days to make any representation to MOH.
https://www.channelnewsasia.com/singapore/cordlife-cord-blood-parents-upset-moh-investigation-3958866
While some Cordlife customers have received emails from the company informing them of the mishap, some have yet to get clarity on whether their children&rsquo s cord blood units are among those affected.
&lsquo No amount of money can replace it&rsquo : Parents demand answers after Cordlife mishandles children&rsquo s cord blood
While some Cordlife customers have received emails from the company informing them of the mishap, some have yet to get clarity on whether their children&rsquo s cord blood units are among those affected.
Asked if it intends to refund or compensate clients, Cordlife repeated its previous reply that it will waive off future storage fees for clients until their child turned 21 while continuing to store the cord blood. This is in view of developments in the field of cell and gene therapy.
The service to store is not cheap..
Hence its unacceptable for the client affected..
Hence its unacceptable for the client affected..
Very sad for the affected clients.
yup, cord blood is lost forever....not sure if there is any T& C in the agreement may keep the company from lawsuit in this kind of situation.....otherwise the penalty can really bankrupt the company
iinvestor ( Date: 01-Dec-2023 16:33) Posted:
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Its worse, money can earn back, cord blood may be lost forever.
The potential financial penalties and lawsuits may collapse company.
Un-investable liao, watch show can aldy.
I think Cordlife business is like banks and depends on trust. If customer lose trust or confidence in a bank, you get a bank run where deposits moved to stronger capitalized banks. Just like in US, the collapse of Silcon Valley Bank, runs in First Republic Bank, etc... deposits moved to stronger banks like JP Morgan.
For Cordlife, this incident could also result in existing customers transferring their cord blood to other 3 local licensed vendor, like Cryoviva (Singapore) Laboratory Services, Stemcord and the Singapore Cord Blood Bank. Unsure how this could affect CordLife overseas business too.
For Cordlife, this incident could also result in existing customers transferring their cord blood to other 3 local licensed vendor, like Cryoviva (Singapore) Laboratory Services, Stemcord and the Singapore Cord Blood Bank. Unsure how this could affect CordLife overseas business too.
Cordlife Group issued 6-month suspension for lapses in storage temperature of cord-blood units
CONSUMER healthcare company Cordlife Group : P8A +1.11% was on Thursday (Nov 30) issued a notice to stop collecting new cord blood and human tissue after a Ministry of Health check found seven of the company&rsquo s 22 cord-blood storage tanks being kept at temperatures above acceptable limits.
The ministry said in a statement that the company has been barred from collecting, testing, processing and storing new cord-blood or tissue samples for six months. The suspension is to start within two weeks of the notice.
The mainboard-listed group will also not be allowed to run new types of tests on patients for the duration of the suspension. The company has to file its written representations within 14 days, said MOH.
The seven affected storage tanks hold, in deep freeze, a total of 19,500 cord-blood units belonging to 19,200 clients.
Cordlife Group, which has been in the business for 22 years, has been offering parents the option of storing their babies&rsquo cord blood units for a fee.
The blood from an infant&rsquo s umbilical cord and placenta is rich in stem cells and can be harvested to treat a variety of illnesses the infant may develop later in life. Stem cell transplants can be used to treat blood diseases and some cancers, such as leukaemia and lymphoma.
Unannounced audits by MOH, carried out in August and November, found that the seven storage tanks had been exposed to temperatures above -150 deg C. Being stored at suboptimal temperatures triggers a thawing of the cord-blood units, which could damage the stem cells in them.
Since the exposure was discovered, Cordlife Group has completed testing the cord-blood samples in one of the seven tanks. These samples make up 2.7 per cent of all cord-blood units stored by the group&rsquo s blood-banking facility in Singapore.
An independent panel of three cord-blood banking specialists appointed by MOH to review these test results concluded that the units have been damaged and are unlikely to be suitable for stem-cell transplant purposes.
But Cordlife Group said in a statement that it will continue to store these cord-blood units for clients, because they &ldquo may still be valuable in light of developments in the field of cell and gene therapy&rdquo .
Investigations are ongoing for the remaining six storage tanks, which contain about 17,300 cord blood units belonging to an estimated 17,050 clients, said MOH. Pending the outcome of the investigation, MOH will ask experts to determine whether similar tests need to be done for the cord-blood units in these six tanks.
MOH said it found other process lapses, such as the failure of Cordlife&rsquo s temperature monitoring system to send notifications of temperature excursions in two tanks between February and June 2022.
The ministry also found that the group&rsquo s six-month preventative maintenance was not carried out for two tanks in 2022, and that the group had implemented a new cord-blood processing method in August this year that was not properly validated to &ldquo approved plan and protocol&rdquo .
MOH said it will consider further enforcement action, including imposing financial penalties and prosecution, as investigations are ongoing.
Meanwhile, the ministry has asked Cordlife Group to take remedial actions to address the lapses, and to strengthen its governance and processes it is also to reach out to all its clients to address their concerns.
Cordlife Group said it will initiate viability testing of donated cord-blood samples stored in the unaffected tanks.
Tan Poh Lan, Cordlife Group&rsquo s group chief executive, said this is the first time such an incident has happened in the group&rsquo s history. &ldquo We recognise that we have fallen short of the high standards that we hold ourselves to, and we sincerely apologise to our clients and will work diligently to regain their trust,&rdquo she added.
The group will work with MOH to strengthen its laboratory processes, procedures and staff training, she said.
Cordlife Group added that, due to the uncertainty of the outcome of the ongoing investigations, it is unable to assess the financial impact of this episode on the group for the financial year ending Dec 31, 2023.
No vol. A bit risky
rlong8288 ( Date: 01-Dec-2023 08:32) Posted:
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go holland .....
commando ( Date: 01-Dec-2023 08:20) Posted:
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Yeah baby
uiop1223 ( Date: 01-Dec-2023 03:52) Posted:
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Ready to short 😎