The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Twist Bioscience Corporation (“Twist” or the “Company”) (NASDAQ: TWST) common stock between December 13, 2019 and November 14, 2022, inclusive (the “Class Period”). Twist investors have until February 10, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On November 15, 2022, Scorpion Capital published a research report, alleging that the Company is a “cash-burning inferno” and that it is “operating a ponzi-like scheme that will end in bankruptcy.” The report further claimed that Twist’s purported DNA chip technology is a “farce”, that the Company’s growth and revenues are unsustainable, and that the Company is perpetuating its fraud through false reporting of capital expenditures and gross margins.
On this news, Twist’s stock price fell $7.57, or 19.9%, to close at $30.43 per share on November 15, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants: (1) 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; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Twist common stock during the Class Period, you may move the Court no later than February 10, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Twist common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20221214005306/en/
The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Twist Bioscience Corporation (TWST) Investors
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
