WTomahawk, WI 3/20/2013 (Expedated) – Humpday Whales Sinking As the Day Moves On.

Down over 50% in morning trading we find BioLineRx (BLRX). The reason for the huge loss is the failure of an experimental drug for schizophrenia which forced the company to halt a mid-stage clinical trial.

While antipsychotics were effective in treating hallucinations, delusions and loss of normal function associated with schizophrenia but did not improve cognitive abilities like attention, memory, reasoning and problem solving. Earlier studies of BioLine’s experimental drug BL-102 showed some evidence of improved cognitive ability in schizophrenia patients, which the company hoped to confirm in a larger trial.

Maxwell Technologies (NASDAQ: MXWL  ) is off over 13% today as it delays  the release of its 10-K filing. The news follows the resignation of Maxwell’s accounting firm and was revealed in a company submission to the Securities and Exchange Commission,

Maxwell Technologies, Inc., together with its subsidiaries, develops, manufactures, and markets energy storage and power delivery products, and microelectronic products worldwide.

In the  SEC submission the company stated that it is currently in the act of restating a number of its previous financial statements. These include its 2011 10-K and its 10-Q quarterly statements for 2011 and 2012. According to Maxwell, the restatements are necessary because of “errors relating to the timing of recognition revenue from sales to certain distributors.”

Glu Mobile, Inc. (GLUU) Is down today while  trading over 6 million in the morning session. The stock has been very active as of late because of a deal with a U.K. company to start onlne gambling. Glu is down over 7% in the morning session.

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