NEW YORK, Jan. 11, 2022 /PRNewswire/ — Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired common stock of Talis Biomedical Corporation (the “Company” or “Talis”) (NASDAQ: TLIS) in connection with Talis’ February 12, 2021 initial public offering (the “IPO”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1933.
If you purchased or otherwise acquired Talis common stock, and/or would like to discuss your legal rights and options please visit Talis Biomedical Corporation Shareholder Class-Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or firstname.lastname@example.org.
Talis purportedly develops diagnostic tests to enable accurate, reliable, low cost, and rapid molecular testing for infectious diseases and other conditions at the point-of-care. The Talis One tests are being developed for respiratory infections, infections related to women’s health, and sexually transmitted infections.
On or about February 12, 2021, Talis conducted its IPO, offering 15,870,000 shares of its common stock to the public at a price of $16 per share for anticipated proceeds of $232.6 million.
According to the complaint, the Company’s registration statement used to effectuate its IPO contained representations that were materially inaccurate, misleading, and/or incomplete. Specifically, Defendants failed to disclose that the comparator assay in the primary study lacked sufficient sensitivity to support Talis’ Emergency Use Application for the Talis One COVID-19 test; that, as a result, Talis was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 test; that, as a result, the Company’s commercialization timeline would be significantly delayed; and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
As these true facts emerged after the IPO, Talis’ shares fell sharply, trading as low as $3.81 per share, representing a decline of over 76% from the offering price.
If you wish to serve as lead plaintiff, you must move the Court no later than March 8, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or otherwise acquired Talis common stock, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/talisbiomedicalcorporation-tlis-shareholder-lawsuit-class-action-fraud-stock-476/ or contact Joe Seidman toll free at (877) 779-1414 or email@example.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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