Talis Biomedical Corporation

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.