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TALIS BIOMEDICAL CORPORATION CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed against Talis Biomedical Corporation in the United States District Court for the Northern District of California

01/14/2022 | 01:58pm EST

LEAD PLAINTIFF DEADLINE IS MARCH 8, 2022

NEW YORK, Jan. 14, 2022 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been in the United States District Court for the Northern District of California on behalf of persons and entities that purchased or otherwise acquired Talis Biomedical Corporation (“Talis” or the “Company”) (NASDAQ: TLIS) common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s February 2021 initial public offering (“IPO” or the “Offering”).

All investors who purchased the shares of Talis Biomedical Corporation, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses in Talis Biomedical Corporation you may, no later than March 8, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Talis Biomedical Corporation.

PLEASE CLICK HERE TO JOIN CASE

In February 2021, Talis completed its IPO, selling 15,870,000 shares of common stock at a price of $16.00 per share.

On March 8, 2021, Talis announced that it had withdrawn its EUA application for the Talis One COVID-19 test. In a press release, the Company 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.” As a result, Talis “intends to initiate its previously planned clinical validation study in a point-of-care environment” to submit its EUA application “early in the second quarter of 2021.” This study “was designed with a different comparator study, which Talis believes will address the FDA’s concerns.”

On this news, the Company’s 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.”

On this news, the Company’s stock price fell $0.58, or 6%, to close at $8.39 per share on August 11, 2021, on unusually heavy trading volume.

On August 30, 2021, after the market closed, Talis announced that its Chief Executive Officer, Brian Coe, had “stepped down” as President, CEO, and Director. On this news, the Company’s stock price fell $1.00, or 11%, to close at $8.06 per share on August 31, 2021, on unusually heavy trading volume.

On November 15, 2021, Talis announced that Brian Blaser was appointed as President, Chief Executive Officer, 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. On this news, the Company’s stock price fell $0.55 per share, or more than 11%, to close at $4.28 per share on December 8, 2021.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


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