SAN DIEGO, March 5, 2022 /PRNewswire/ — Robbins Geller Rudmann & Dowd LLP announces that purchasers of common stock of Talis Biomedical Corporation (NASDAQ: TLIS) pursuant to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Talis Biomedical February 12, 2021 initial public offering (“IPO”) have until next Tuesday, March 8, 2022 to seek appointment as lead applicant in Modrak v. Talis Biomedical Corporation, no. 22-cv-00105. initiated on January 7, 2022 in the northern district of Californiathe Talis Biomedical The class action accuses Talis Biomedical, some of its key officers and directors, and the underwriters of Talis Biomedical’s IPO of violating the Securities Act of 1933. A similar lawsuit, Mitcham vs. Talis Biomedical Corporationno. 22-cv-01039, is also pending in the northern district of California.
If you have suffered substantial losses and wish to act as the lead plaintiff of the Talis Biomedical class action, please provide your information by clicking here. You can also contact the lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing jsanchez@rgrdlaw.com. Principal Applicant’s Requests for Talis Biomedical the class action must be filed with the court no later than this next Tuesday, March 8, 2022.
CASE ALLEGATIONS: Talis Biomedical purportedly develops diagnostic tests to enable accurate, reliable, inexpensive and rapid molecular testing for infectious diseases and other point-of-care conditions. Talis One tests are under development for respiratory infections, women’s health infections and sexually transmitted infections. As part of the IPO, Talis Biomedical sold more than 15.8 million shares of common stock at a price of $16.00 per share. Talis Biomedical received net proceeds of approximately $232.6 million of the IPO.
the Talis Biomedical the class action alleges that the IPO’s registration statement failed to disclose to investors that: (i) the comparison test in the main study lacked sufficient sensitivity to support the application for authorization to use Emergency (“EUA”) from Talis Biomedical for the Talis One COVID-19 test; (ii) as a result, Talis Biomedical was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 Test; (iii) as a result, Talis Biomedical’s commercialization schedule would be significantly delayed; and (iv) therefore, defendants’ positive statements regarding Talis Biomedical’s business, operations and prospects were materially misleading and/or lacked reasonable basis.
At March 8, 2021, Talis Biomedical announced that it has withdrawn its EUA application for the Talis One COVID-19 test. In a statement, the Company revealed that “[i]n late February, the [U.S. Food and Drug Administration (‘FDA’)] informed the company that it cannot guarantee that the comparator test used in the primary study has sufficient sensitivity to support Talis’ EUA application. Accordingly, Talis “intends to initiate its previously planned clinical validation study in a point-of-care environment” to submit its EUA application “in early Q2 2021.” This study “was designed with a test different comparator, which Talis says will address the FDA’s concerns. At this news, Talis Biomedical’s share price fell about 12%.
Then, on August 10, 2021Talis Biomedical disclosed that “its development timelines have been extended by delays in the launch of [Talis Biomedical’s] COVID-19 testing and manufacturing scale.” As a result, Talis Biomedical “expects[s] to have [its] first significant revenue ramp in 2022.” At this news, Talis Biomedical’s share price fell another 6%.
Subsequently, on August 30, 2021Talis Biomedical announced that its chief executive, defendant Brian Coe, had “resigned” as president, chief executive officer and director. At this news, Talis Biomedical’s share price fell another 11%.
Finally, on November 15, 2021Talis Biomedical announced that Brian Blaser was appointed President, Chief Executive Officer and Director of Talis Biomedical effective 1st December2021. However, a week after his appointment, the December 8, 2021, Talis Biomedical announced that Blaser had resigned from his position. On this news, Talis Biomedical’s share price fell another 11%, further hurting investors.
From the start of the Talis Biomedical class action lawsuit, shares of Talis Biomedical traded as low as $3.81 per share, a drop of more than 76% compared to the $16.00 IPO price per share.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits purchasers of common stock of Talis Biomedical pursuant to the registration statement issued in connection with the IPO to seek appointment as lead plaintiff in the Talis Biomedical class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the Talis Biomedical class action. The main plaintiff can select a law firm of his choice to plead Talis Biomedical class action. An investor’s ability to participate in any potential future upturn in the Talis Biomedical the class action does not depend on the status of principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller’s attorneys have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Dry. Dispute. The 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller first for his recovery $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiff company. Please visit http://www.rgrdlaw.com for more information.
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SOURCE Robbins Geller Rudman & Dowd LLP
