Ryan & Maniskas, LLP (
) announces that a class action lawsuit has been filed in 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”).
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at
The Complaint alleges 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, after the close of the market, PacBio announced it was reducing its workforce by approximately 130 employees, or approximately 28% of its total workforce. The Company thus admitted what was apparent to its analysts: its products were not selling at the rate it had projected. Moreover, with the cuts to its research and development department, the prospects for needed improvement in the Company’s new and still developing technology were dim. The market reacted immediately. On this news, shares of PacBio fell $1.31 or about 24%, to close at $4.25 on heavy trading volume.
If you are a member of the class, you may, no later than February 27, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.