Robbins Geller Rudman & Dowd LLP Announces Class Action in the Zymergen Securities Litigation

NEW YORK, Oct. 11, 2023 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Zymergen Securities Litigation:

UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF CALIFORNIA

SAN JOSE DIVISION 

You could be affected by a class action lawsuit against Zymergen Inc. ("Zymergen") and Individual Defendants Josh Hoffman, Enakshi Singh, Steven Chu, Jay T. Flatley, Christine M. Gorianc, Travis Murdoch, Matthew A. Ocko, Sandra E. Peterson, Zach Serber, and Rohit Sharma, and Underwriter Defendants J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Cowen and Company, LLC, BofA Securities, Inc., UBS Securities LLC, and Lazard Frères & Co. LLC (collectively "Defendants").  The Court, which authorized this notice, is allowing the case to proceed as a class action on behalf of a "Class" and appointed attorneys as "Class Counsel."  The Court has not decided whether Defendants did anything wrong.  Defendants have not been ordered to pay any money.  No settlement has been reached.  There is no money available now and no guarantee that there will be.

What is this case about?

The lawsuit alleges Zymergen sold approximately 18.5 million shares of common stock and raised $575 million pursuant to a Registration Statement, which allegedly contained material misrepresentations and omissions in violation of §§11 and 15 of the Securities Act of 1933 ("Securities Act").  Lead Plaintiff alleges that the truth was publicly disclosed by Zymergen, including in August and November 2021, when Zymergen announced downward revisions to expected revenue, delays and cancellations in its product pipeline, and smaller market opportunities for its products as well as the departure of members of management.  Lead Plaintiff alleges that when the truth was disclosed, the Class suffered statutory damages under the Securities Act.

Defendants deny the allegations in the lawsuit, deny that they engaged in any wrongdoing, and believe that the claims are without merit.

Are you included?

You are a potential "Class Member" only if you purchased or otherwise acquired Zymergen common stock pursuant and/or traceable to the Registration Statement and prospectus issued in connection with Zymergen's April 2021 initial public offering.  Excluded from the Class are Defendants, the officers and directors of Zymergen, at all relevant times, members of their immediate families and their legal representatives, heirs, successors, or assigns, and any entity in which Defendants have or had a controlling interest.  Also excluded from the Class is any person or entity that timely and validly requests exclusion from the Class.

What are your options?

If you want to stay in the Class, you do not have to do anything now.  If you do nothing, you will stay in the Class and be bound by the Court's orders and will lose any right you may have to sue Defendants regarding the factual circumstances and/or claims in this case.  If you do not want to be a Class Member or to be bound by what the Court does and want to keep any rights you may have to sue Defendants over the factual circumstances and/or claims asserted in this case, you need to exclude yourself.  To be excluded, you must send a letter to Zymergen Securities Litigation, c/o Gilardi & Co. LLC, ATTN: EXCLUSIONS, P.O. Box 5100, Larkspur, CA 94977-5100, and must include certain information, as set forth in the Notice available at the website listed below.  If you choose to exclude yourself, you cannot get money or benefits recovered if any are awarded at a later date.  The deadline to exclude yourself is December 5, 2023.

Where to get more information?

This notice is only a summary.  For more information, visit www.ZymergenSecuritiesLitigation.com or call 1-888-858-5903.

SOURCE Robbins Geller Rudman & Dowd LLP