NEW YORK, Sept. 29, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Zymergen, Inc. ("Zymergen or the "Company") (NASDAQ: ZY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Zymergen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around April 22, 2021, Zymergen sold approximately 16.3 million shares of stock in its initial public stock offering (the "IPO") at $31.00 per share, raising nearly $505 million in new capital. Then, on August 3, 2021, Zymergen provided a business update regarding its commercial product pipeline and financial forecast. Zymergen claimed that it recently became aware of issues with its commercial product pipeline that will impact the Company's delivery timeline and revenue projections. As a result, the Company no longer expects product revenue in 2021 and expects product revenue to be immaterial in 2022. Additionally, the Company announced the resignation of Josh Hoffman as Chief Executive Officer and a board member, effective immediately.
Following this news, Zymergen's stock price fell $26.58 per share, or 76.31%, to close at $8.25 per share on August 4, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.