STEVENSON, MD--(Marketwire -01/10/12)- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of Pacific Biosciences of California, Inc. ("PacBio" or the "Company") (NASDAQ: PACB - News) pursuant and/or traceable to the Company's initial public stock offering on October 27, 2010 (the "IPO").
If you have suffered a net loss for all transactions in Pacific Biosciences of California, Inc. common stock pursuant and/or traceable to the Company's IPO, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 27, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company's failure to disclose in connection with its IPO that, contrary to the Company's claim that its RS system had a 99.99% base calling accuracy rate, the RS's raw-read accuracy rate was only 80%-84% such that would-be customers would have to sacrifice long read length to obtain increased raw-read accuracy, that countless insidious bugs in the RS system caused it to be highly unreliable and crash often, and that significant negative feedback had been received from limited production users of the system. According to the complaint, as the news of these hidden facts became known beginning in November 2010 and into the Fall of 2011, the value of PacBio shares declined significantly from its IPO price.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.