Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Twist Bioscience Corporation (“TWST”) (NASDAQ: TWST) investors that a lawsuit filed on behalf of investors that purchased securities Twist Bioscience Corporation, Inc (NASDAQ: TWST) between December 13, 2019, and November 14, 2022.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Twist is a biotechnology company that specializes in manufacturing synthetic DNA and DNA products. During the class period, defendants repeatedly emphasized to investors that the company had innovative proprietary technology that would lead to significant growth, they reported increasing gross margins and announced plans to build a large manufacturing facility in Oregon, with projections of annual capital expenditure between $95 to $100 million. However, on November 15, 2022, a report by Scorpion Capital alleged that Twist was not in good financial health and was actually perpetuating a fraud by falsely reporting capital expenditures and gross margins. The report also alleged that Twist's growth was based on unsustainable pricing strategies, that their technology was not viable and that the company was operating a Ponzi-like scheme that would end in bankruptcy. The stock price of Twist dropped 20% following the revelation. The complaint states that defendants made false and misleading statements and failed to disclose negative information about the company, leading to damages for the Plaintiff and other members of the class.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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