SAN DIEGO, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by Zymergen, Inc. ZY.
On or about April 22, 2021, Zymergen sold about 16.3 million shares of stock in its initial public stock offering (the "IPO") at $31 a share, raising nearly $505 million in new capital.
On August 3, 2021, Zymergen provided a business update regarding its commercial product pipeline and financial forecast. Zymergen claims it recently became aware of issues with its commercial product pipeline that will impact the Company's delivery timeline and revenue projections. As a result, the Company no longer expects product revenue in 2021 and expects product revenue to be immaterial in 2022. Additionally, the Company announced that Josh Hoffman stepped down as CEO and a board member, effective immediately. Following this news, the stock was down over 70% in after-market trading on August 3, 2021.
Specifically, Johnson Fistel's investigation seeks to determine whether the Company's filings with the U.S. Securities and Exchange Commission in connection with its April 2021 IPO and subsequent investor communications contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading concerning the Company's business, and operations.
If you have information that could assist in this investigation, including past employees and others, or if you are a Zymergen shareholder and are interested in learning more about the investigation, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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