This lawsuit is for anyone who acquired securities in Talis Biomedical Corporation (NASDAQ: TLIS) from February 12, 2021 through January 7, 2022.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, in the Prospectus to the Company's IPO, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to state, in the Prospectus to the Company's IPO, that the Company did not conduct proper tests sufficient to potentially receive FDA emergency use authorization for its COVID-19 test.
On March 8, 2021, Talis announced that it had withdrawn its EUA application for the Talis One COVID-19 test.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.” Then, on August 10, 2021, Talis revealed that its “development timelines have been extended by delays in the launching of [Talis’s] COVID-19 test and manufacturing scale.” As a result, Talis “expect[s] to see [its] first meaningful revenue ramp in 2022.” Then, on August 30, 2021, after the market closed, Talis announced that its Chief Executive Officer, Brian Coe, had “stepped down” as President, CEO, and Director. Finally, on November 15, 2021, Talis 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 announced that Brian Blaser had stepped down from his positions. On this news, the Company’s stock price fell $0.55 per share, or more than 11%, to close at $4.28 per share on December 8, 2021. As a result of the foregoing, the stock price dropped precipitously and currently trades at a lower price than it did at the time of the Company's IPO.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Talis Biomedical Corporation (NASDAQ: TLIS) from February 12, 2021 through January 7, 2022 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.