The Law Offices of Frank R. Cruz reminds investors of the upcoming February 10, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Twist Bioscience Corporation (“Twist” or the “Company”) (NASDAQ: TWST) common stock between December 13, 2019 and November 14, 2022, inclusive (the “Class Period”).
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 or otherwise acquired Twist common stock during the Class Period, you may move the Court no later than February 10, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 firstname.lastname@example.org, 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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The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007