Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/pacb)
announces that a class action lawsuit has been filed in United States
District Court for the Northern District of California on behalf of all
persons or entities who purchased or otherwise acquired the common stock
of Pacific Biosciences of California, Inc. ("PacBio" or the "Company")
(NASDAQ: PACB) between October 27, 2010, and September 20, 2011,
inclusive (the "Class Period").
For more information regarding this class action suit, please contact
Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877)
316-3218 or by email at email@example.com
or visit: www.rmclasslaw.com/cases/pacb.
The Complaint alleges that, during the Class Period, defendants failed
to disclose materially adverse facts regarding the Company's operational
and financial condition that were caused by significant problems with
its third generation human genome sequencing technology. The Complaint
further alleges that due to the Defendants' materially false and
misleading statements, PacBio stock traded at artificially inflated
prices throughout the Class Period.
On September 20, 2011, after the close of the market, PacBio announced
it was reducing its workforce by approximately 130 employees, or
approximately 28% of its total workforce. The Company thus admitted what
was apparent to its analysts: its products were not selling at the rate
it had projected. Moreover, with the cuts to its research and
development department, the prospects for needed improvement in the
Company's new and still developing technology were dim. The market
reacted immediately. On this news, shares of PacBio fell $1.31 or about
24%, to close at $4.25 on heavy trading volume.
If you are a member of the class, you may, no later than February 27,
2012, request that the Court appoint you as lead plaintiff of the class.
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. Under certain circumstances, one or
more class members may together serve as "lead plaintiff." Your ability
to share in any recovery is not, however, affected by the decision
whether or not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your counsel
in this action.
For more information about the case or to participate online, please
or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or
by e-mail at firstname.lastname@example.org.
For more information about class action cases in general or to learn
more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan &
Maniskas, LLP is devoted to protecting the interests of individual and
institutional investors in shareholder actions in state and federal
Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire