An investor, who purchased shares of Talis Biomedical Corporation (NASDAQ: TLIS), filed a lawsuit over alleged Securities Laws violations by Talis Biomedical Corporation in connection with the Company’s February 2021 initial public offering (“IPO”).
Investors who purchased shares of Talis Biomedical Corporation (NASDAQ: TLIS) have certain options and for certain investors are short and strict deadlines running. Deadline: March 8, 2021. NASDAQ: TLIS investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
Menlo Park, CA based Talis Biomedical Corporation operates as a molecular diagnostic company.
On or about February 12, 2021, Talis Biomedical Corporation (NASDAQ: TLIS) sold approximately 13.8 million shares of stock in its initial public stock offering (the “IPO”) at $16 a share, raising nearly $221 million in new capital.
On March 8, 2021, Talis Biomedical Corporation announced that it had withdrawn its EUA application for the Talis One COVID-19 test. In a press release, the Company revealed that “[i]n late February, the FDA informed the company that it cannot ensure the comparator assay used in the primary study has sufficient sensitivity to support Talis’s EUA application.” As a result, Talis “intends to initiate its previously planned clinical validation study in a point-of-care environment” to submit its EUA application “early in the second quarter of 2021.” This study “was designed with a different comparator study, which Talis believes will address the FDA’s concerns.”
On August 10, 2021, Talis Biomedical Corporation (NASDAQ: TLIS) reported its 2nd quarter financial results. During the earnings call, it was disclosed that “In the near term, our development time lines have been extended by delays in the launching of our COVID-19 test and manufacturing scale.”
Then,on August 30, 2021, after the market closed, Talis Biomedical Corporation announced that its Chief Executive Officer, Brian Coe, had “stepped down” as President, CEO, and Director.
On November 15, 2021, Talis Biomedical Corporation announced that Brian Blaser was appointed as President, Chief Executive Officer, and Director of Talis effective December 1, 2021. However, a week after his appointment, on December 8, 2021, Talis Biomedical Corporation announced that Brian Blaser had stepped down from his positions.
Shares of Talis Biomedical Corporation (NASDAQ: TLIS) declined to as low as $3.64 per share on December 15, 2021.
The plaintiff claims that the Defendants failed to disclose to investors that the comparator assay in the primary study lacked sufficient sensitivity to support Talis’s EUA application for Talis One COVID-19 test, that, as a result, Talis was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 test, that, as a result, the Company’s commercialization timeline would be significantly delayed, and that, 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.
Those who purchased shares of Talis Biomedical Corporation (NASDAQ: TLIS) have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
This release was published on openPR.