San Diego, CA -- (SBWIRE) -- 12/12/2012 -- An investigation on behalf of investors of Pacific Biosciences of California (NASDAQ:PACB) shares, who purchased their NASDAQ:PACB shares on October 27, 2012, over potential securities laws violations by Pacific Biosciences of California and certain of its directors and officers in connection certain financial statements was announced .
Investors who purchased shares of Pacific Biosciences of California (NASDAQ:PACB) on Oct. 27, 2012, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Pacific Biosciences of California (NASDAQ:PACB) concerning whether a series of statements by Pacific Biosciences of California regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Pacific Biosciences of California raised approximately $200 million in its initial public offering of stock on October 27, 2010.
Pacific Biosciences of California (NASDAQ:PACB) reported that its annual Revenue rose from $1.67 million in 2010 to $33.86 million in 2011 and its Net Loss declined from $140.17 million in 2010 to $109.39 million in 2011.
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, NASDAQ: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.
On October 25, 2012, Pacific Biosciences of California announced financial results for the third quarter ended September 30, 2012. Among other things, Pacific Biosciences of California (NASDAQ:PACB) reported that its third quarter Revenue fell from $10.52 million in 2011 to $2.78 million in 2012.
NASDAQ:PACB shares declined in November 2012 to as low as $1.12 per share.
On December 11, 2012, NASDAQ:PACB shares closed at $1.67 per share, which is significantly below its current 52 week high of $5.27 per share.
Those who purchased shares of Pacific Biosciences of California (NASDAQ:PACB) on Oct. 27, 2012, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego