Twist Bioscience Corporation
| Company Name | Twist Bioscience Corporation |
| Stock Symbol | TWST |
| Class Period | December 13, 2019 to November 14, 2022 |
| Lead Plaintiff Motion Deadline | February 10, 2023 |
On November 15, 2022, Scorpion Capital published a research report, alleging that the Company is a “cash-burning inferno” and that it is “operating a ponzi-like scheme that will end in bankruptcy.” The report further claimed that Twist’s purported DNA chip technology is a “farce”, that the Company’s growth and revenues are unsustainable, and that the Company is perpetuating its fraud through false reporting of capital expenditures and gross margins.
On this news, Twist’s stock price fell $7.57, or 19.9%, to close at $30.43 per share on November 15, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants: (1) overstated the commercial viability of Twist’s synthetic DNA manufacturing technology while engaging in accounting fraud and using unsustainable pricing to inflate the Company’s true financial condition and prospects; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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