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Twist Bioscience Corporation 


The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Twist Bioscience Corporation (“Twist”) (NASDAQ: TWST) securities between December 13, 2019 through November 14, 2022 (the “Class Period”). Investors have until February 10, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
 
Twist is a biotechnology company that specializes in synthetic DNA such as bio-detection, functional genomics, genome engineering, drugs and biodefense, and data storage.
 
On November 15, 2022, Scorpion Capital (“Scorpion”) published a lengthy report (the “Scorpion Report”) alleging, among other things, that Twist is perpetuating its fraud through false reporting of capital expenditures and gross margins—which Scorpion claims are actually negative—and Twist’s growth is dependent upon unsustainable pricing strategies. On this news, the price of Twist shares declined by $7.57 per share, or approximately 20%, from $38 per share to close at $30.43 on November 15, 2022.
 
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Defendants overstated the commercial viability of Twist’s synthetic DNA manufacturing technology while engaging in accounting fraud and using unsustainable pricing to inflate the company’s true financial condition and prospects.
 

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