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SAN FRANCISCO, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Zymergen Inc. (NASDAQ: ZY) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.
Zymergen Inc. (ZY) Investigation:
The investigation focuses on statements by Zymergen concerning the business prospects of its sole product (Hyaline) which the company has claimed would allow its customers to manufacture “robust” foldable touchscreens and high density flexible printed circuits.
On Aug. 3, 2021 Zymergen announced it became aware of “issues” with its commercial product pipeline that will impact the company’s delivery timeline and revenue projections. More specifically, Zymergen said it does not expect any product revenues in 2021 and that 2022 revenues would be immaterial. The company blamed the commercial ramp delay on several key target customers being unable to use Hyaline in their manufacturing processes and on a smaller total addressable market than previously disclosed.
In addition, Zymergen’s CEO (Josh Hoffman) abruptly left the company.
This news sent the price of Zymergen shares crashing lower.
“We’re focused on investors’ losses and whether Zymergen lied about Hyaline’s business prospects,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Zymergen and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Zymergen should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ZY@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895