A firm recently announced the securities class action settlement of a lawsuit against a biotechnology company.
Shareholders of Pacific Biosciences agreed to a settlement of the company's class action lawsuit, according to the Garden City Group. This includes all holders of Pacific Biosciences stock for the class period between Oct. 27, 2010 and Sept. 20, 2011. The payout provided shareholders with $7.68 million, though some of these funds were attributed to attorneys' fees, plaintiffs expenses and the plan of allocation.
The lawsuit was initially filed in 2012 by Ryan and Maniskas, LLP, in the U.S. District Court for the Northern District of California. This litigation alleged that the company had not revealed a number of facts that would inform shareholders of issues with its human genome sequencing technology. This had its stock trade at higher levels during this period.
The company noted on Sept. 20, 2011 that it was cutting nearly 30 percent of its employees, which had its stock drop significantly during that period, falling by nearly one-quarter to $4.25 per share.