Rigrodsky & Long, P.A. announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired the common stock of Pacific Biosciences of California, Inc. (“PacBio” or the “Company”) (Nasdaq: PACB) between October 27, 2010, and September 20, 2011, inclusive (the “Class Period”) alleging violations of the Securities Exchange Act of 1934 (the “Complaint”). The case is entitled Primo v. Pacific Biosciences of California, Inc., Case No. C-11-6599-CW (N.D. Cal.).
If you wish to view a copy of the Complaint, discuss this action, or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/news/pacific-biosciences-of-ca-pacb.
PACB is a development stage company that develops, manufactures, and markets an integrated platform for genetic analysis. The Company engages in commercializing a platform, single molecule, real-time technology (SMRT) for the detection of biological events.
The Complaint asserts that, during the Class Period, defendants failed to disclose material adverse facts regarding the Company’s overall operational and financial condition that were caused by significant problems with its third generation human genome sequencing technology. Defendants’ failure to disclose these problems rendered their statements concerning the Company’s financial condition and future prospects materially false and misleading which, in turn, artificially inflated the price of PacBio common stock during the Class Period.On August 5, 2010, JP Morgan downgraded its rating of PacBio due to a significantly lower projection of orders in 2012. It projected that PacBio would not become profitable until 2015, and it lowered its target price for PacBio shares down to $10. That day, August 5, 2011, shares of PacBio closed at $6.50, a decline of $3.40, or over 34%, on trading volume that was over two times greater than the previous day’s. The next trading day, August 8, 2011, PacBio closed at $5.60, a decline of an additional $0.90, again on very heavy trading volume. In two trading days, PacBio stock lost $4.30, or over 43% of its value.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV