Initial Lawsuit
A shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired Talis common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the company’s February 2021 initial public offering (IPO).
- Filing Date
01/07/2022 - Public Offering Date
02/12/2021 - Transgression
Securities Violation - Filing Firms
Glancy Prongay & Murray LLP
The Law Offices of Frank R. Cruz - Case Title
Modrak v. Talis Biomedical Corporation - Docket Number
3:22-cv-00105 - Court
California Northern District Court - Free File
Complaint
Allegations
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:
(1) that the comparator assay in the primary study lacked sufficient sensitivity to support Talis’s EUA application for Talis One COVID-19 test;
(2) that, as a result, Talis was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 test;
(3) that, as a result, the company’s commercialization timeline would be significantly delayed; and
(4) 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.
Defendants
- Company
Talis Biomedical Corporation - Chief Executive Officer
Brian Coe - Chief Financial Officer
J. Roger Moody, Jr. - Director
Felix Baker - Director
Raymond Cheong - Director
Melissa Gilliam - Director
Rustem F. Ismagilov - Director
Kimberly J. Popovits - Director
Matthew L. Posard - Director
Randal Scott - Underwriter
J.P. Morgan Securities LLC - Underwriter
BofA Securities, Inc. - Underwriter
Piper Sandler & Co. - Underwriter
BTIG, LLC
