Tissue maker shares plummet on FDA order, late SEC filing

ATLANTA - Shares of CryoLife Inc. plunged more than 70 percent Thursday after the human tissue bank delayed a quarterly securities filing. The sharp selloff occurred a day after federal regulators ordered the company to stop distributing human cadaver tissue.<br> <br> Officials at the Food and Drug Administration say CryoLife has failed to adopt and follow safety procedures to keep fungus and bacteria from contaminating soft tissue.<br> <br> The agency ordered CryoLife, the nation&#39;s largest processor of cadaver material, to recall all soft tissue processed since Oct. 3, a month before a Minnesota man died from tainted tissue he received in a knee operation.<br> <br> CryoLife shares were down $4, or 71 percent, to $1.60 on the New York Stock Exchange.<br> <br> The company also makes surgical adhesives and heart valves.<br> <br> CryoLife, based in Kennesaw, Ga., said it would file its quarterly 10-Q statement with the Securities and Exchange Commission on Monday, and that it did not expect to restate any of its results.<br> <br> Company officials said their 10-Q filing was delayed by the FDA order and that they were reviewing its effect on the company.<br> <br> The 10-Q is a company&#39;s official posting of its quarterly financial results.<br> <br>