Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased or otherwise acquired Zymergen Inc. securities pursuant and/or traceable to the offering documents issued in connection with Zymergen’s April 2021 initial public offering (the “IPO”).
All investors who purchased Zymergen Inc. and incurred losses are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Zymergen Inc., you may, no later than October 4, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Zymergen Inc.
In April 2021, Zymergen completed its IPO, selling approximately 18.5 million shares of common stock at $31 per share.
On August 3, 2021, after the market closed, Zymergen issued a business update stating that it “recently became aware of issues with its commercial product pipeline that will impact the Company’s delivery timeline and revenue projections.” Specifically, “several key target customers encountered technical issues in implementing Hyaline into their manufacturing processes,” and Zymergen also found that its total addressable market appears to be smaller than previously expected. As a result, Zymergen “no longer expects product revenue in 2021, and expects product revenue to be immaterial in 2022.” The Company also announced that its CEO was stepping down, effective immediately.
On this news, the Company’s stock price 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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774