Kessler Topaz Meltzer & Check, LLP: Securities Fraud Class Action Filed Against Zymergen Inc.
RADNOR, Pa., Aug. 29, 2021 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP reminds shareholders of Zymergen Inc. (NASDAQ: ZY) ("Zymergen") that a securities fraud class action lawsuit has been filed on behalf of those who purchased or acquired Zymergen common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with Zymergen's April 2021 initial public offering ("IPO").
Lead Plaintiff Deadline: October 4, 2021
Contact: James Maro, Esq. (484) 270-1453
Toll free (844) 887-9500
Zymergen uses a process it calls "biofacturing" to create products that purportedly combine the design and manufacturing efficiency of biological processes with technology's ability to rapidly iterate and control diverse functions. Its first product is called Hyaline, an optical film designed for electronic companies to use for display touch sensors, which will purportedly enable customers to make foldable touchscreens and high density flexible printed circuits.
The complaint alleges that the Registration Statement was materially false and misleading and omitted to state that: (1) during the qualification process for Hyaline, key customers had encountered technical issues, including product shrinkage and incompatibility with customers' processes; (2) though the qualification process was critical to achieving market acceptance for Hyaline and generating revenue, Zymergen lacked visibility into the qualification process; (3) as a result, Zymergen overestimated demand for its products; (4) as a result of the foregoing, Zymergen's product delivery timeline was reasonably likely to be delayed, which in turn would delay revenue generation; and (5) as a result of the foregoing, the defendants' positive statements about Zymergen's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Zymergen investors may, no later than October 4, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
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