Faruqi & Faruqi, LLP Announces Investigation of Pacific Biosciences of California, Inc. (PACB)
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Pacific Biosciences of California, Inc. (“PacBio” or the “Company”) (Nasdaq: PACB).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) contrary to the Company’s claim that the RS system it used for DNA sequencing had a “market dominating” 99.3% base calling accuracy rate, the system’s raw-read accuracy rate was in fact only between 80% and 84%; (2) as a result of PacBio’s inefficient RS system, potential customers would be forced to sacrifice long read length time to obtain increased raw-read accuracy in DNA sequencing; (3) numerous bugs and flaws in PacBio’s RS system caused it to crash frequently; and (4) owing to the aforementioned problems, PacBio’s RS system was receiving significant negative feedback.
As news of these hidden facts gradually reached the market, PacBio’s share price has declined dramatically since the Company’s IPO. Where PacBio shares were trading at $16.44 on October 27, 2010, they closed at $2.82 on December 1, 2011 – a decline of 82.8%.
If you purchased PacBio securities and would like to discuss your legal rights, you can contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding PacBio conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.