Zymergen Investor Alert - Klafter Lesser LLP, a Highly Accomplished Class Action Law Firm, Announces That a Class Action Has Been Filed
12 August 2021 - 7:30AM
Business Wire
Klafter Lesser LLP, which has extensive experience in recovering
investor losses, announces that a class action lawsuit has been
filed (21-cv-06028, N.D. Cal.) against Zymergen, Inc. (NASDAQ:ZY)
on behalf of persons or entities that 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 IPO.
After the close of the markets on August 3, 2021, Zymergen
shocked investors when it announced that it was experiencing issues
with "its commercial product pipeline that will impact the
Company's delivery timeline and revenue projections and that the
Company no longer expects product revenue in 2021, and expects
product revenue to be immaterial in 2022."
It also stated that a market expected to drive future revenues,
the total addressable market for foldable display applications had
become "a smaller near-term market opportunity that is growing less
rapidly than anticipated" and further announced that its CEO, Josh
Hoffman, was immediately stepping down as CEO and as a member of
the board. These revelations resulted in a 76% decline in the price
of Zymergen stock on August 4, 2021.
On May 24, 2021, during its earnings call, Zymergen executives
reaffirmed product pipeline expectations and stated that the
qualification process for Hyaline was “progressing in-line with our
expectations” and was set to begin driving revenues “later in
2021.” The class action that has been filed does not include claims
based on these May Zymergen statements.
If you purchased Zymergen stock on its IPO or in the open market
during the period April 21, 2021 through August 3, 2021, and have
sustained losses of at least $50,000 due to Zymergen's August 3,
2021 announcement, please contact Klafter Lesser LLP at
www.klafterlesser.com or Amir Alimehri, at his contact information
below. Zymergen investors have until October 4, 2021 to file a
motion to serve as lead plaintiff.
About the Firm
Klafter Lesser LLP prosecutes cases throughout the USA and
prides itself on litigating every case to obtain the largest
recovery that the circumstances warrant. Please visit our website
for more information about the Firm.
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version on businesswire.com: https://www.businesswire.com/news/home/20210811005749/en/
Amir Alimehri Amir.alimehri@klafterlesser.com 2 International
Drive, Suite 350 Rye Brook, NY 10573 (914) 934-9200 x 314
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