We are pleased to share that BFA has filed a motion seeking preliminary approval of a $17.05 million settlement in a securities litigation against Twist Bioscience Corp. This is a significant step toward securing a meaningful recovery for Lead Plaintiff the Policemen’s Annuity and Benefit Fund of Chicago and the settlement class.
The case alleged that, from December 20, 2018 through November 15, 2022, Twist and its senior management made false and misleading statements concerning Twist’s production process, product quality, and customer satisfaction. Lead Plaintiff further alleged that Defendants falsely accounted for research and development expenses, costs of production, and gross margins.
After filing an amended complaint on October 11, 2023, successfully opposing Defendants’ motion to dismiss, and engaging in discovery, the parties have now reached an agreement in principle to settle the case for a payment of $17.05 million to the settlement class. As Lead Counsel, our firm has remained committed to representing our clients vigorously and effectively throughout the legal process.
The settlement is subject to court approval and is pending before Judge Eumi K. Lee of the United States District Court for the Northern District of California.
The settlement papers, including the Stipulation of Settlement and all exhibits, are available here.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS.
BFA attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360, and “SuperLawyers” by Thomson Reuters.
BFA’s notable successes include a recovery of over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
