ACCESSWIRE
21 Jan 2023, 00:19 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / January 20, 2023 / Hagens Berman urges Twist Bioscience Corporation (NASDAQ:TWST) investors who suffered significant losses to submit your losses now.
Class Period: Dec. 13, 2019 - Nov. 14, 2022
Lead Plaintiff Deadline: Feb. 10, 2023
Visit: www.hbsslaw.com/investor-fraud/TWST
Contact An Attorney Now: TWST@hbsslaw.com
844-916-0895
Twist Bioscience Corporation (NASDAQ:TWST) Securities Fraud Class Action:
The litigation challenges Twist's statements regarding its proprietary technology related to its synthetic DNA products, which purportedly positioned the company for sustained significant growth and to build a 'Factory of the Future' in Oregon.
According to the complaint, 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.
The truth emerged on Nov. 15, 2022, when Scorpion Capital published a scathing report, alleging 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
According to the Scorpion Report, Twist is perpetuating its fraud through false reporting of capital expenditures and gross margins-which Scorpion claims are actually negative. Scorpion's investigation of the forthcoming Oregon Facility revealed no evidence that the Company is preparing to begin manufacturing there, suggesting that the Company is using the facility to hide large operating expenses as fraudulent capital expenditures.
Scorpion further alleged that the Company'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, the Scorpion Report concluded that Twist is 'operating a Ponzi-like scheme that will end in bankruptcy.'
In response, the price of Twist shares crashed about 20% on Nov. 15, injuring investors.
'We're focused on investors' losses and proving Twist lied about its technology and true financial performance,' said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Twist and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Twist should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email TWST@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
Get a daily dose of St Louis Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to St Louis Star.
More InformationPublic health experts have welcomed Mexico's ban on cigarette smoking in all public places, including hotels and beaches, after the ...
YONKERS, New York: After testing discovered harmful levels of heavy metals in chocolate, consumer magazine Consumer Reports has urged four ...
OUAGADOUGOU, Burkina Faso: As Burkina Faso, in western Africa, faces an Islamist insurgency, it is set to end a military ...
TOKYO, Japan: Japanese Prime minister Fumio Kishida said this week that it was "now or never" for Japan, one of ...
WASHINGTON D.C.: As part of its efforts to simplify the national COVID-19 vaccine strategy, the US Food and Drug Administration ...
WASHINGTON D.C.: US authorities said this week that a surge in Cubans and Nicaraguans arriving at the US border with ...
NEW YORK, New York - U.S. stocks hesitatingly continued higher Friday, reflecting widespread gains, albeit modest ones, across the globe."We're ...
NEW YORK CITY, New York: As early as this year, lab-grown meat could be served in some restaurants in the ...
BANGKOK, Thailand: Following China's reopening and the end of its strict COVID-19 restrictions, businesses on Thailand's holiday island of Phuket ...
NEW YORK, New York - Recession fears faded on Wall Street Thursday as annualized 4th quarter GDP (gross domestic product) ...
WASHINGTON D.C.: In December 2022, US existing home sales declined to a 12-year low, but lower mortgage rates raised cautious ...
SEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days ...