Investor Lawyers Blog
Allegations have been made that Pacific Biosciences of California Inc. (PacBio), as well as some of its officers and directors, knowingly or recklessly failed to disclose information and/or made materially misleading statements. These statements, along with the alleged failure to disclose information, would be in violation of the Securities Exchange Act of 1934 and, as a result, investment attorneys are investigating possible claims on behalf of shareholders.
PacBio is based in Menlo Park, California. The company handles the development, manufacturing and marketing of a genetic analysis integrated platform. PacBio commercializes the SMRT — or single molecule, real-time technology — platform, which is used to detect biological events.
A class action lawsuit was filed in the United States District Court for the Northern District of California against PacBio for the class period of October 27, 2010 through September 20, 2011. The lawsuit alleges that for the class period, PacBio misled investors by failing to disclose facts about their operational and financial condition. The company’s condition was a result of significant problems related to its third generation human genome sequencing technology. Furthermore, allegations have been made that PacBio’s stock traded at artificially-inflated prices as a result of the materially false and misleading statements. According to some shareholders, the company’s common stock prices fell 24 percent after an announcement on September 20, 2011, that revealed the truth about PacBio’s business prospects and the related revenue projections. The significant drop in the company’s common stock prices resulted in losses for many investors.
If you acquired Pacific Biosciences of California Inc. common stock between October 27, 2010 and September 20, 2011, you may have a valid securities arbitration claim. Investors should immediately begin exploring their options for recovering losses incurred as a result of the actions of PacBio. To find out more about your legal rights and options, contact an investment attorney at The Law Office of Christopher J. Gray at (866) 966-9598 for a no-cost, confidential consultation.