RYE BROOK, N.Y.--(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.
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