SAN FRANCISCO, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Twist Bioscience Corporation (NASDAQ: TWST) investors who suffered significant losses to submit your losses now.
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Twist Bioscience Corporation (NASDAQ: TWST) Investigation:
Twist claims it is an innovative synthetic biology and genomics company that has developed a scalable DNA synthesis platform to industrialize the engineering of biology and that the core of its platform is a proprietary technology that pioneers a new method of manufacturing synthetic DNA by “writing” DNA on a silicon chip.
Twist’s claims came under serious question on Nov. 15, 2022, when Scorpion Capital published a scathing investigative report concluding that Twist is “[t]he latest miniaturized ‘lab-on-a-chip’ scam, just like Theranos, Berkely Lights, and other failures.”
Scorpion interviewed Twist ex-executives and manufacturing employees, customers, and competitors, and alleges in its report that: (1) Twist “is a ticking time bomb that we believe is resorting to a Worldcom-esque accounting fraud;” (2) its “[p]urported ‘Factory of the Future’ in Oregon, which Twist claims to be ramping with ~100MM of capex, appears deserted based on photographic and other evidence, leading us to believe it is a ruse for improper capitalization;” (3) “Twist’s reported gross margins of 45% are simply implausible, and we think they are actually negative;” (4) “[m]ultiple competitors internally refer to Twist’s price-dumping and customer subsidy scheme as a ‘Ponzi’”; and (5) “Twist’s management exhibits striking red flags, with suspicious transactions with opaque, offshore Chinese entities, and its largest holders at IPO appear to be a cesspool of bad actors.”
In response, during intraday trading on Nov. 15 the price of Twist shares crashed as much as 33% lower.
“We’re focused on investors’ losses and whether Twist misled investors about its accounting and the sustainability of its business,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Twist and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Twist should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email TWST@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
