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If you purchased shares of Pacific Biosciences of California Inc (NASDAQ: PACB), you may have certain options. Please contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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October 31, 2013 - The court approved the settlement.
June 3, 2013 - The court preliminarily approved the settlement.
May 21, 2013 - A stipulation of settlement was filed by the parties.
October 26, 2012 - An amended consolidated complaint.
March 14, 2012 - The cases were transferred back to the Superior Court of the State of California.
November 24, 2011 - The cases were transferred to the U.S. District Court for the District of Northern California.
October 21, 2011 - An investor in shares of Pacific Biosciences of California Inc (NASDAQ: PACB) filed a lawsuit in the Superior Court of the State of California against Pacific Biosciences of California Inc over alleged violations of the Securities Act of 1933.
According to the complaint the plaintiff alleges on behalf of all persons or entities, who purchased or otherwise acquired the common stock of Pacific Biosciences of California Inc (NASDAQ: PACB) pursuant and/opr traceable to the Pacific Biosciences of California Inc’s $230million initial public stock offering on October 27, 2010, that the biotechnology company, certain of its officers and directors and underwriters violated Federal Securities Laws in connection with its October 27, 2010 IPO. Pacific Biosciences of California Inc raised approximately $200 million in its initial public offering of stock on October 27, 2010. The Company’s initial focus is on the DNA sequencing market where it has developed and introduced a third-generation sequencing platform using its SMRT technology, the Pacific Biosciences of California IncRS system.
On August 4, 2011, Pacific Biosciences of California Inc announced its second quarter 2011 financials. While Pacific Biosciences of California Inc’s sales revenues, net income and EPS beat analyst expectations, the market was shocked to learn that Pacific Biosciences of California Inc had received only seven new orders for its RS system during the quarter, when the consensus in the market was that at least 15 new orders could be had, so the lawsuit. The next day an underwriter issued a report cutting its rating on Pacific Biosciences of California Inc from overweight to neutral.
On August 5, 2011, NASAQ: PACB fell more than 34% from its close of $9.90 on August 4th to $6.50 on August 5th. Then on September 20, 2011, Pacific Biosciences of California Inc announced that it implemented a reduction in its workforce of approximately 130 employees, or approximately 28% of its total workforce. Pacific Biosciences of California Inc said it took the action in consideration of uncertainties associated with the economic environment and to position the Company for long-term success. Pacific Biosciences of California Inc (NASDAQ: PACB) stocks fell 2%5 from $5.56 on September 20th, to $4.25 on September 21st. Pacific Biosciences of California Inc (NASDAQ: PACB) fell from almost $17 on October 28, 2010 to as low as $2.45 on November 25, 2011.