TWIST BIOSCIENCE CORPORATION (NASDAQ: TWST) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against Twist Bioscience Corporation (NASDAQ: TWST)

Did you lose money on investments in Twist Bioscience Corporation? If so, please visit Twist Bioscience Corporation Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com to discuss your rights.

NEW YORK, Feb. 8, 2023 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the common stock of Twist Bioscience Corporation ("Twist" or the "Company") (NASDAQ: TWST) between December 13, 2019 and November 14, 2022, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934.

Twist is a biotechnology company that manufactures synthetic DNA and DNA products. Synthetic DNA products allow users to design and modify DNA for the purposes of academic research, enhancing specialty chemical production, and developing healthcare treatments among other uses.

Throughout the Class Period, Defendants repeatedly assured investors that the Company possessed innovative proprietary technology relating to its synthetic DNA products that positioned Twist for significant future growth. Indeed, Defendants claimed that the Company had already achieved substantial growth during the Class Period, growing from a customer base of approximately 1,300 diagnostic companies, hospitals, research institutions, and others at the end of fiscal year 2019, to approximately 2,900 customers at the end of fiscal year 2021.

Similarly, Defendants reported skyrocketing gross margins, which purportedly grew from 12.8% in fiscal year 2019, to 39.1% in fiscal year 2021, with margins projected to reach 40% for fiscal year 2022.

During the Class Period, Defendants also announced plans to build a "Factory of the Future" in Wilsonville, Oregon (the "Oregon Facility"), which would purportedly provide hundreds of jobs and occupy 110,000 square feet. By August 2022, when Twist reported its financial results for the third quarter of fiscal year 2022, Defendants projected annual capital expenditures between $95 million and $100 million, largely attributable to "building out" this new manufacturing facility.

Plaintiff and other members of the class learned the truth about the Company's actual financial health on November 15, 2022, when Scorpion Capital ("Scorpion") published a lengthy report (the "Scorpion Report") alleging that Twist is "a cash-burning inferno that is not a going concern." Specifically, Scorpion alleged that, among other things, Twist's purported DNA chip technology is a "farce" comparable to Theranos Inc.'s now infamous non-existent blood-testing technology, and that the Company's growth and revenues are unsustainable, among other issues.

According to the Scorpion Report, Twist is perpetuating its fraud through false reporting of capital expenditures and gross margins—which Scorpion claims are actually negative. Indeed, Scorpion's investigation of the forthcoming Oregon Facility revealed no evidence that the Company is preparing to begin manufacturing there, suggesting that the Company is using the facility to hide large operating expenses as fraudulent capital expenditures.

Scorpion further alleged that the Company's growth is dependent upon unsustainable pricing strategies, such as using below-cost prices to undercut competitors by as much as 70% to 85%. Ultimately, the Scorpion Report concluded that Twist is "operating a Ponzi-like scheme that will end in bankruptcy."

On this news, the price of Twist common stock fell $7.57 per share, or nearly 20%, to close at $30.43 per share on November 15, 2022.

If you wish to serve as lead plaintiff, you must move the Court no later than February 10, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased or acquired Twist common stock, and/or would like to discuss your legal rights and options please visit Twist Bioscience Corporation Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
seidman@bernlieb.com

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