NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 4, 2021 to file lead plaintiff applications in a securities class action lawsuit against Zymergen Inc. (NasdaqGS: ZY), if they purchased the Company’s shares issued in connection with its April 2021 initial public stock offering (the “IPO”). This action is pending in the United States District Court for the Northern District of California.
What You May Do
If you purchased shares of Zymergen and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-zy/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by October 4, 2021.
About the Lawsuit
Zymergen and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement and Prospectus, violating federal securities laws.
On August 3, 2021, post-market, the Company disclosed that it “recently became aware of issues with its commercial product pipeline that will impact the Company’s delivery timeline and revenue projections,” specifically, that “several key target customers encountered technical issues in implementing Hyaline [its first product] into their manufacturing processes.” The Company also disclosed that its total addressable market appeared to be smaller than previously expected and it “no longer expects product revenue in 2021, and expects product revenue to be immaterial in 2022.”
On this news, shares of Zymergen fell $26.58 per share, or 76%, to close at $8.25 per share on August 4, 2021, representing a nearly 73% decline from the IPO price.
The case is Shankar v. Zymergen Inc., et al., 21-cv-06028.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
