In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a strong gain. At the time of writing, the benchmark index is up 1% to 6,240.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
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Cleanaway Waste Management Ltd (ASX: CWY)
The Cleanaway share price is down almost 2% to $2.25. This decline could be in response to media reports over the weekend. Those reports allege that workers were transferring medical waste from bins without protective gear at the height of the COVID-19 crisis. This was believed to be part of a plan to ship waste interstate to ensure it didn't exceed its environmental license restrictions.
Crown Resorts Ltd (ASX: CWN)
The Crown share price has sunk 10% lower to $8.08. This morning Crown revealed that it has been contacted by AUSTRAC. According to the release, AUSTRAC has identified potential non-compliance by Crown Melbourne with anti-money laundering and counter-terrorism financing rules. This includes concerns in relation to ongoing customer due diligence and adopting, maintaining, and complying with an anti-money laundering and counter-terrorism financing program.
Opthea Ltd (ASX: OPT)
The Opthea share price has crashed 13.5% lower to $2.40 after announcing the pricing of its initial public offering in the United States. The biopharmaceutical company is offering 8,563,300 American Depositary Shares (ADS), representing 68,506,400 ordinary shares, at a price of US$13.50 per ADS. The aggregate gross proceeds are expected to be approximately US$128.2 million. Based on the current exchange rate, this offer equates to a 14.4% discount of A$2.38 per share.
Zoono Group Ltd (ASX: ZNO)
The Zoono share price has dropped a further 5% to $1.36. Investors have been selling the antimicrobial solutions provider's shares since the release of its first quarter update last week. In fact, today's decline means the Zoono share price is down 26% since that update. Zoono, which sells antimicrobial hand sanitisers and sprays, reported first quarter sales of NZ$15 million. This was down 28.2% from the NZ$20.9 million it achieved in the fourth quarter of FY 2020.
