Pacific Biosciences of California, Inc. (NASDAQ: PACB) shareholder litigation in connection with alleged securities fraud
Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Pacific Biosciences of California, Inc. (“PacBio” or the “Company”)
(NASDAQ: PACB) securities between October 27, 2010 and September 20, 2011 (the “Class Period”).
The Complaint asserts that, during the Class Period, defendants failed to disclose materially adverse facts regarding the Company’s operational and financial condition that were caused by significant problems with its third generation human genome sequencing technology. The Complaint further alleges that due to the Defendants’ materially false and misleading statements, PacBio stock traded at artificially inflated prices throughout the Class Period. On September 20, 2011, PacBio announced it was reducing its workforce by approximately 130 employees, or approximately 28 percent. The Company’s shares, which closed at $5.56 on September 20, 2011, fell almost 24% the following day, closing at $4.25 per share on heavy trading volume.
If you suffered a loss in PacBio stock you have until February 27, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.