NEW YORK, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Twist Bioscience Corporation (“Twist” or the “Company”) (NASDAQ: TWST) for violations of the federal securities laws on behalf of investors.
On November 15, 2022, Scorpion Capital published a report alleging that Twist is a “cash burning inferno that is not a going concern,” and that the Company is “operating a Ponzi-like scheme that will end in bankruptcy.” Specifically, Scorpion alleged that, among other things, Twist’s purported DNA chip technology is a “farce,” comparable to Theranos Inc.’s now infamous non-existent blood-testing technology, and that the Company’s growth and revenues are unsustainable, among other issues. On this news, shares of Twist’s common stock dropped precipitously, injuring investors.
On December 12, 2022, a complaint was filed against Twist, and certain of its top executives, alleging that throughout the Class Period (December 13, 2019 to November 14, 2022) Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
This Complaint alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company’s business and operations. Specifically, the Complaint alleges that Defendants 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.
If you suffered a loss in Twist’s securities, and wish to participate or learn more CLICK HERE, or please contact our attorneys at (914) 733-7234 or via email at investigations@lowey.com.
Any investor who wishes to serve as Lead Plaintiff must act before February 10, 2023.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.
Contact:
Lowey Dannenberg P.C.
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White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com
