Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Twist Bioscience Corporation who purchased shares between December 13, 2019 and November 14, 2022.
Twist Bioscience and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 15, 2022, Scorpion Capital reported that the Company is “operating a Ponzi-like scheme that will end in bankruptcy,” that the Company’s growth and revenues were unsustainable, and that the Company was perpetuating its fraud through false reporting of capital expenditures and gross margins, among other issues.
On this news, shares of Twist Bioscience fell $7.57 per share, or nearly 20%, from a close of $38.00 per share on November 14, 2022, to close at $30.43 per share on November 15, 2022.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until February 10, 2023 to request that the court appoint them lead plaintiff.