SAN DIEGO, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Twist Bioscience Corporation (“Twist”) (NASDAQ: TWST). The class action is on behalf of shareholders who purchased Twist common stock between December 13, 2019, and November 14, 2022. Investors are hereby notified that they have until February 10, 2023, to move the Court to serve as lead plaintiff in this action.
What actions may I take at this time? If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
To join this action, you can click or copy and paste the link below into a browser:
https://www.johnsonfistel.com/investigations/twist-bioscience-corporation
There is no cost or obligation to you.
On November 15, 2022, Scorpion Capital published a report on Twist. The report alleged, among other things, that Twist is "[t]he latest miniaturized 'lab-on-a-chip' scam, just like Theranos, Berkeley Lights, and other failures" and "[a] ticking time bomb that we believe is resorting to a Worldcom-esque accounting fraud[.]" The report further alleged that "Twist's reported gross margins of 45% are simply implausible," and alleged that "[m]ultiple competitors internally refer to Twist's price dumping and customer subsidy scheme as a 'Ponzi'".
The complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements, as well as failed to disclose material adverse facts, about Twist’s business and operations. Specifically, as alleged in the Scorpion Report, Defendants overstated the commercial viability of Twist’s synthetic DNA manufacturing technology while engaging in accounting fraud and using unsustainable pricing to inflate the company’s true financial condition and prospects. As a result of Defendants’ wrongful acts and omissions, and the significant decline in the market value of Twist’s common stock, Plaintiff and other members of the Class have suffered significant damages.
A lead plaintiff will act on behalf of all other class members in directing the Twist class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Twist class action lawsuit is not dependent upon serving as lead plaintiff.
For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com
