The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to start the week with a small decline. In afternoon trade the benchmark index has fought back from its early declines but is still down slightly at 6,191.4 points.
Four shares that have fallen more than most today are listed below. Here's why they are starting the week in the red:
The A2 Milk Company Ltd (ASX: A2M) share price has tumbled 4% lower to $10.86 after the infant formula and dairy company's CEO sold all her ordinary shares after just over two months at the helm. According to the change of director's interest notice, last week Ms Hrdlicka offloaded a total of 357,232 shares through on-market trades on Tuesday and Thursday for an average price of $11.18 per share or a total of $3,995,139.80.
The Acrux Limited (ASX: ACR) share price has plunged 20% lower to 22 cents after the pharmaceutical company announced that it has been notified of a patent challenge by one of the world's leading pharmaceutical giants. Valeant Pharmaceuticals North America has initiated patent litigation against Acrux and 13 other generic companies in relation to their generic version of Jublia topical solution, 10%. Last month Acrux submitted the first-to-file application for the generic version of Jublia, making it eligible for 180 days of generic exclusivity.
The Lynas Corporation Ltd (ASX: LYC) share price has crashed 22% lower to $1.64 after reports that its Malaysian operations could be under review by the local government. Reports in The Star claim that Fuziah Salleh has been appointed as the chairman of a Lynas evaluation committee and will evaluate the operations of the Lynas Advanced Materials plant in Gebeng over a three-month period from today. Investors appear concerned that these operations could be closed down.
The Sims Metal Management Ltd (ASX: SGM) share price has tumbled 10.5% lower to $11.98 after global metals and electronics recycling company released a first quarter trading update to the market. According to the release, due to the underperformance of its SA Recycling business, management expects the company to achieve underlying earnings before interest and tax between $58 million and $63 million for the first quarter of FY 2019. This will be higher the prior corresponding period, but lower than the fourth quarter of FY 2018.
