Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their Twist investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20221213005997/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
