Twist Bioscience Corporation Class Action Lawsuit - TWST
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The Twist Bioscience class action lawsuit seeks to represent purchasers or acquirers of Twist Bioscience Corporation (NASDAQ: TWST) common stock between December 13, 2019 and November 14, 2022, inclusive (the “Class Period”). Captioned Peters v. Twist Bioscience Corporation, No. 22-cv-08168 (N.D. Cal.), the Twist Bioscience class action lawsuit charges Twist Bioscience and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Twist Bioscience class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Twist Bioscience class action lawsuit must be filed with the court no later than February 10, 2023.
CASE ALLEGATIONS: Twist Bioscience is a biotechnology company that manufactures synthetic DNA and DNA products. Synthetic DNA products allow users to design and modify DNA for the purposes of academic research, enhancing specialty chemical production, and developing healthcare treatments, among other uses.
The Twist Bioscience class action lawsuit alleges that throughout the Class Period, defendants overstated the commercial viability of Twist Bioscience’s synthetic DNA manufacturing technology while engaging in accounting fraud and using unsustainable pricing to inflate Twist Bioscience’s true financial condition and prospects.
On November 15, 2022, Scorpion Capital published a report alleging that, among other things, Twist Bioscience’s purported DNA chip technology is a “farce” comparable to Theranos Inc.’s now infamous non-existent blood-testing technology. According to Scorpion, Twist Bioscience is perpetuating a fraud through false reporting of capital expenditures and gross margins – which Scorpion claims are actually negative. Indeed, Scorpion’s investigation of Twist Bioscience’s forthcoming Oregon facility revealed no evidence that Twist Bioscience is preparing to begin manufacturing there, suggesting that Twist Bioscience is using the facility to hide large operating expenses as fraudulent capital expenditures. Scorpion further alleged that Twist Bioscience’s growth is dependent upon unsustainable pricing strategies, such as using below-cost prices to undercut competitors by as much as 70% to 85%. Ultimately, Scorpion concluded that Twist Bioscience is “operating an unsustainable Ponzi-like scheme” that will end in bankruptcy. On this news, the price of Twist Bioscience common stock fell by nearly 20%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Twist Bioscience common stock during the Class Period to seek appointment as lead plaintiff in the Twist Bioscience class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Twist Bioscience class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Twist Bioscience class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Twist Bioscience class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.