NEW YORK, Sept. 10, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Zymergen, Inc. (“Zymergen” or the “Company”) (Nasdaq: ZY) in the United States District Court for the Northern District of California on behalf of those who purchased or otherwise acquired Zymergen publicly traded securities pursuant and/or traceable to the documents issued in connection with Zymergen’s April 2021 initial public offering (the “IPO” or “Offering”).
As alleged in the Complaint, the Registration Statement featured false and/or misleading statements and/or failed to disclose that: (i) during the qualification process for the Company’s optical firm product, Hyaline, key customers had encountered technical issues, including product shrinkage and incompatibility with customers’ processes; (ii) though the qualification process was critical to achieving market acceptance for Hyaline and generating revenue, Zymergen lacked visibility into the qualification process; (iii) as a result, the Company overestimated demand for its products; (iv) as a result of the foregoing, the Company's product delivery timeline was reasonably likely to be delayed, which in turn would delay revenue generation; and (v) 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.
Investors who purchased or otherwise acquired shares of Zymergen pursuant and/or traceable to the Registration Statement issued in connection with Zymergen’s April 2021 IPO should contact the Firm prior to the October 4, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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