TWST Lawsuit – Twist BioScience Corp.
A lawsuit has been filed in the Northern District of California against Twist BioScience Corp., (TWST:NASDAQ) because 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.
TWST stock fell 19.92%.
Is There A Twist BioScience Lawsuit?
Yes. There is a Class Action Lawsuit. The Twist BioScience Class Action Lawsuit (TWST:NASDAQ) was filed on December 12, 2022 at the Northern District of California on behalf of the shareholders.
On November 15, 2022, when Scorpion Capital (“Scorpion”) published a lengthy report (the “Scorpion Report”) alleging that Twist is “a cash-burning inferno that is not a going concern.”
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.
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.
Indeed, 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 to the revelations in the Scorpion Report, the price of Twist common stock fell $7.57 per share, or nearly 20%, from a close of $38.00 per share on November 14, 2022, to close at $30.43 per share on November 15, 2022.
Affirm Holdings Class Action Lawsuit, What Is It about?
A lawsuit (Twist BioScience Class Action Lawsuit) was filed on December 12, 2022 on behalf of the shareholders who held common stock on (NASDAQ:TWST), because on November 15, 2022, when Scorpion Capital (“Scorpion”) published a lengthy report (the “Scorpion Report”) alleging that Twist is “a cash-burning inferno that is not a going concern.”
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.
Shareholders who held TWST securities saw stock fell by 19.92%.
What Is The Deadline For The TWST Lawsuit?
The deadline for a Lead Plaintiff is February 10, 2023. As a shareholder, you also want to submit your information as soon as you can, so you do not miss out on this class action and you will receive regular updates on the progress of the case, including a settlement announcement.
How Much Was The Stock Loss To TWST Stock?
Shareholders who held Twist BioScience’s ordinary share stock fell $7.57 per share, or nearly 20%, from a close of $38.00 per share on November 14, 2022, to close at $30.43 per share on November 15, 2022.
What Is Lawsuit Complaint Against Twist BioScience About?
A TWST class action lawsuit (Twist BioScience Class Action Lawsuit) has been filed on behalf of investors who purchased Twist BioScience Class Action Lawsuit (TWST) securities between December 13, 2019 – November 14, 2022, inclusive. For more on the TWST Lawsuit please contact us today.
According to the Twist BioScience lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
1) as alleged in the November 15, 2022 report by Scorpion Capital, defendants overstated the commercial viability of Twist’s synthetic DNA manufacturing technology; and
2) at the same time, defendants were engaging in accounting fraud and using unsustainable pricing to inflate the Company’s true financial condition and prospects.
If you suffered a loss in TWST, you have until February 10, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Securities Fraud Class Action Attorneys
Levi & Korsinsky, LLP, have represented Shareholders for over 20 years to secure hundreds of millions of dollars for aggrieved shareholders.
Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States and has built a track record of wining high-stake cases.
What Is Involved In The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired TWST securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The TWST class-action lawsuit is directed by the lead plaintiff. To litigate the Twist BioScience Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the Twist BioScience.
What Does Twist BioScience Corp. Do?
Twist Bioscience Corporation, a synthetic biology company, manufactures and sells synthetic DNA-based products.
The company’s DNA synthesis platform enables the manufacturing of synthetic DNA by writing DNA on a silicon chip. It offers synthetic DNA-based products, including synthetic genes, tools for sample preparation, antibody libraries for drug discovery and development, and DNA as a digital data storage medium.
The company has collaboration agreements with Victorian Clinical Genetic Services; Vivlion GmbH.; Kyowa Kirin Pharmaceutical Research, Inc.; deepCDR Biologics AG; and Centogene N.V to develop advanced sequencing tools.
It also has a research collaboration with Boehringer Ingelheim International GmbH to use proprietary antibody libraries to discover therapeutic antibodies against multiple targets.
The company was incorporated in 2013 and is headquartered in South San Francisco, California.
Deadline of Submission is Until February 10, 2023
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