Layoffs at Laval-based Neptune Wellness – including CEO and executives

Neptune Wellness Solutions Inc. says it has placed certain employees, including top executives, on mandatory unpaid leave effective February 23 in connection with a rapid cost cutting and restructuring effort, but also as a result of the company’s previously disclosed ongoing financial concerns.

The Laval-based consumer health and wellness products maker, whose shares were trading on NASDAQ at 0.41 cents on Feb. 27, said in a statement that among the employees placed on mandatory leave are Michael Cammarata, president and CEO, and John Wirt, executive vice president and chief legal officer.

Neptune announced last December that NASDAQ had served notice of its intention to delist the company’s common shares because Neptune Wellness was not in compliance with the minimum bid price requirement for continued listing.

The company said at that time that it intended to appeal the determination.