Talis investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than March 8, 2022 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Talis Biomedical Corporation (“Talis”) (NASDAQ: TLIS) common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Talis’ February 2021 initial public offering (“IPO” or the “Offering”).
Case Background:
Talis develops diagnostic tests to enable accurate, reliable, low cost, and rapid molecular testing for infectious diseases and other conditions at the point-of-care. The Talis One tests are being developed for respiratory infections, infections related to women’s health, and sexually transmitted infections. In the Registration Statement, Talis disclosed that “[i]n January 2021, we submitted a request for an Emergency Use Authorization (EUA) to the U.S. Food and Drug Administration (FDA) for our Talis One platform with COVID-19 molecular diagnostic assay for the automated detection of nucleic acid from the SARS-CoV-2 virus in nasal swab samples from individuals suspected of COVID-19 by their healthcare provider.”
The truth regarding the Talis One COVID-19 test began to be revealed on March 8, 2021, when Talis announced that it had withdrawn its EUA application for the Talis One COVID-19 test. In a press release, Talis revealed that “[i]n late February, the FDA informed the company that it cannot ensure the comparator assay used in the primary study has sufficient sensitivity to support Talis’s EUA application.” Following this news, Talis’ stock price fell $1.80, or 12%, to close at $12.85 per share on March 8, 2021.
Then, on August 10, 2021, Talis revealed that its “development timelines have been extended by delays in the launching of [Talis’s] COVID-19 test and manufacturing scale.” As a result, Talis “expect[s] to see [its] first meaningful revenue ramp in 2022.” Following this news, Talis’ stock price fell $0.58, or 6%, to close at $8.39 per share on August 11, 2021.
On August 30, 2021, after the market closed, Talis announced that its Chief Executive Officer (“CEO”), Brian Coe, had “stepped down” as President, CEO, and Director. Following this news, Talis’ stock price fell $1.00, or 11%, to close at $8.06 per share on August 31, 2021.
Finally, on November 15, 2021, Talis announced that Brian Blaser was appointed as President, CEO, and Director of Talis effective December 1, 2021. However, a week after his appointment, on December 8, 2021, Talis announced that Brian Blaser had stepped down from his positions. Following this news, Talis’ stock price fell $0.55 per share, or more than 11%, to close at $4.28 per share on December 8, 2021. As of the date the initial complaint was filed, Talis’ stock has traded as low as $3.81 per share, a more than 76% decline from the $16 per share IPO price.
The complaint alleges that the Registration Statement failed to disclose to investors that: (1) the comparator assay in the primary study lacked sufficient sensitivity to support Talis’ EUA application for Talis One COVID-19 test; (2) as a result, Talis was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 test; (3) as a result, Talis’ commercialization timeline would be significantly delayed; and (4) as a result of the foregoing, the defendants’ positive statements about Talis’ business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.