San Diego, CA -- (SBWIRE) -- 02/08/2012 -- The Shareholders Foundation announces that an investor in NASDAQ: PACB shares filed a lawsuit against Pacific Biosciences of California over alleged Violations of Federal Securities Laws in connection with certain of its financial statements.
Investors who purchased shares of Pacific Biosciences of California (NASDAQ: PACB) still have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed the plaintiff alleges on behalf of all persons or entities, who purchased or otherwise acquired the common stock of Pacific Biosciences of California (NASDAQ: PACB) pursuant and/or traceable to the Pacific Biosciences of California’s $230million initial public stock offering on October 27, 2010, that the biotechnology company, certain of its officers and directors and underwriters violated Federal Securities Laws in connection with its October 27, 2010 IPO.
On August 4, 2011, Pacific Biosciences of California announced its second quarter 2011 financials. While Pacific Biosciences’ sales revenues, net income and EPS beat analyst expectations, the market was shocked to learn that Pacific Biosciences of California had received only seven new orders for its RS system during the quarter, when the consensus in the market was that at least 15 new orders could be had, so the lawsuit.
The next day an underwriter issued a report cutting its rating on Pacific Biosciences of California from overweight to neutral.
On August 5, 2011, NASAQ PACB fell more than 34% from its close of $9.90 on August 4th to $6.50 on August 5th.
Then on September 20, 2011, Pacific Biosciences of California, Inc. announced that it implemented a reduction in its workforce of approximately 130 employees, or approximately 28% of its total workforce.
Pacific Biosciences of California said it took the action in consideration of uncertainties associated with the economic environment and to position the Company for long-term success.
NASDAQ PACB stocks fell 2%5 from $5.56 on September 20th, to $4.25 on September 21st.
In fact, in roughly over one year shares of Pacific Biosciences of California (Public, NASDAQ: PACB) fell from almost $17 on October 28, 2010 to as low as $2.28 on December 19, 2011.
Those who purchased shares of Pacific Biosciences of California (NASDAQ: PACB) still have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego