Talis Biomedical Corporation (TLIS) Stockholders: Robbins LLP is Investigating TLIS on Behalf of Shareholders

SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP is investigating Talis Biomedical Corporation (NASDAQ: TLIS) to determine whether certain Talis officers and directors violated securities laws and breached fiduciary duties to shareholders in connection with the Company’s February 2021 initial public offering ("IPO"). Talis purportedly develops diagnostic tests 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.

If you would like more information about our investigation of Talis Biomedical Corporation's misconduct, click here.

Class Action Against Talis Biomedical Corporation (TLIS) Survives Motion to Dismiss

According to a class action complaint filed on behalf of Talis shareholders, Talis made false and misleading statements in connection with its February 2021 IPO. The initial complaint alleged that in its Registration Statement, the Company disclosed that in January 2021, it had submitted a request for an Emergency Use Authorization (EUA) to the U.S. Food and Drug Administration (FDA) for "our Talis One platform with COVID-19 molecular diagnostic assay for the automated detection of nucleic acid from the SARS-CoV-2 virus in nasal swab samples from individuals suspected of COVID-19 by their healthcare provider." However, the Registration Statement failed to state: (i) that the comparator assay in the primary study lacked sufficient sensitivity to support Talis's EUA application for the Talis One COVID-19 test; (ii) that, as a result, Talis was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 test; and (iii) therefore, the Company's commercialization timeline would be significantly delayed.

On April 28, 2023, Judge Susan Illston denied defendants' motion to dismiss the second amended complaint. As a result, the lawsuit against Talis will proceed.

What Now: Talis Biomedical Corporation (TLIS) shareholders have legal options. If you own shares of Talis, contact us for more information.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:
Aaron Dumas, Jr.
[phone]
[e-mail]
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Talis Biomedical Corporation settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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