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LOS ANGELES, November 11, 2021--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of Zymergen Inc. ("Zymergen" or the "Company") (NASDAQ: ZY) concerning whether the board breached its fiduciary duties to shareholders.
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In April 2021, Zymergen completed its IPO, selling approximately 18.5 million shares of common stock at $31 per share.
On August 3, 2021, after the market closed, Zymergen issued a business update stating that it "recently became aware of issues with its commercial product pipeline that will impact the Company’s delivery timeline and revenue projections." Specifically, "several key target customers encountered technical issues in implementing Hyaline into their manufacturing processes," and Zymergen also found that its total addressable market appears to be smaller than previously expected. As a result, Zymergen "no longer expects product revenue in 2021, and expects product revenue to be immaterial in 2022." The Company also announced that its CEO was stepping down, effective immediately.
Our investigation concerns whether the Company’s board of directors breached its fiduciary duties to shareholders and/or grossly mismanaged the Company in connection with the above alleged misconduct.
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If you still hold Zymergen shares purchased pursuant to or around the time of the April 2021 IPO and wish to discuss this matter with us, or have any questions concerning your rights and interests with regards to this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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