BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Talis Biomedical Corporation (“Talis” or the “Company”) (NASDAQ: TLIS) common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s February 2021 initial public offering (“IPO” or the “Offering”). Talis investors have until March 8, 2022 to file a lead plaintiff motion.
Investors suffering losses on their Talis investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
In February 2021, Talis completed its IPO, selling 15,870,000 shares of common stock at a price of $16.00 per share.
On March 8, 2021, Talis announced that it had withdrawn its EUA application for the Talis One COVID-19 test. In a press release, the Company revealed that “[i]n late February, the FDA informed the company that it cannot ensure the comparator assay used in the primary study has sufficient sensitivity to support Talis’s EUA application.” As a result, Talis “intends to initiate its previously planned clinical validation study in a point-of-care environment” to submit its EUA application “early in the second quarter of 2021.” This study “was designed with a different comparator study, which Talis believes will address the FDA’s concerns.”
On this news, the Company’s stock price fell $1.80, or 12%, to close at $12.85 per share on March 8, 2021.
Then, on August 10, 2021, Talis revealed that its “development timelines have been extended by delays in the launching of [Talis’s] COVID-19 test and manufacturing scale.” As a result, Talis “expect[s] to see [its] first meaningful revenue ramp in 2022.”
On this news, the Company’s stock price fell $0.58, or 6%, to close at $8.39 per share on August 11, 2021, on unusually heavy trading volume.
On August 30, 2021, after the market closed, Talis announced that its Chief Executive Officer, Brian Coe, had “stepped down” as President, CEO, and Director. On this news, the Company’s stock price fell $1.00, or 11%, to close at $8.06 per share on August 31, 2021, on unusually heavy trading volume.
On November 15, 2021, Talis announced that Brian Blaser was appointed as President, Chief Executive Officer, and Director of Talis effective December 1, 2021. However, a week after his appointment, on December 8, 2021, Talis announced that Brian Blaser had stepped down from his positions. On this news, the Company’s stock price fell $0.55 per share, or more than 11%, to close at $4.28 per share on December 8, 2021.
By the commencement of this action, Talis stock has traded as low as $3.81 per share, a more than 76% decline from the $16 per share IPO price.
The complaint filed in this class action alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that the comparator assay in the primary study lacked sufficient sensitivity to support Talis’s EUA application for Talis One COVID-19 test; (2) that, as a result, Talis was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 test; (3) that, as a result, the Company’s commercialization timeline would be significantly delayed; and (4) 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.
If you purchased Talis common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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