Robert W. Baird cut its rating on SFBC International(SFCC

) to neutral from outperform, explaining that "material risks have emerged" at the drug development company.

Bloomberg claims to have uncovered evidence that SFBC mishandled a trial in Montreal, allowing a TB-infected patient to inappropriately enter a trial and infect others, among other things.

Analyst Eric Coldwell says that new information gleaned during a recent conference call was "disconcerting." He identified several new misstatements from management that further shake his confidence in the company. He also believes SFBC inappropriately treated patients in Miami.