Sep 24, 2021, 14:15 ET
NEW YORK, Sept. 24, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Zymergen Inc. ("Zymergen" or the "Company") (NASDAQ: ZY) from April 20, 2021 through August 4, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Act of 1933.
If you purchased Zymergen securities, and/or would like to discuss your legal rights and options please visit Zymergen Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
The allegations arise out of the misrepresentations made in Zymergen's Registration Statement for its April 23, 2021 IPO. The complaint alleges that while the Registration Statement emphasizes the total addressable market for Hyaline, Zymergen's key product, it omitted that (1) during the qualification process, key customers had encountered technical issues, including product shrinkage and incompatibility with customers' processes; (2) Zymergen lacked visibility into the qualification process; (3) the Company had overestimated demand for its products; and (4) the product delivery timeline would be delayed, thereby affecting revenue generation.
On August 3, 2021, Zymergen announced it became aware of various issues with its commercial product pipeline affecting delivery timelines and revenue projections. Zymergen went on to disclose that it did not expect any product revenue in 2021, and immaterial product revenue in 2022. Further, several major customers were unable to use Hyaline in their manufacturing processes.
On this news, the price of Zymergen shares fell $26.58 per share, or 76%, to close at $8.25 per share on August 4, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than October 4, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Zymergen securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/zymergeninc-zy-shareholder-class-action-lawsuit-fraud-stock-426/apply/ or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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