NEW YORK, Dec. 5, 2011 /PRNewswire/ -- Levi & Korsinsky is investigating potential claims on behalf of purchasers of the securities of Pacific Biosciences of California, Inc. ("PacBio" or the "Company") (NASDAQ: PACB) concerning possible violations of federal securities laws.
For more information, click here: http://zlk.9nl.com/pacific-biosciences-california-pacb/.
The investigation stems from allegations that the Company failed to disclose the following: (a) that contrary to the Company's claim that the RS system its used for DNA sequencing had a 'market dominating' 99.3 percent base calling accuracy rate, the system's raw-read accuracy rate was in fact between 80 and 84 percent; (b) that 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; (c) that numerous bugs and flaws in PacBio's RS system caused it to crash frequently; and (d) owing to the aforementioned problems, PacBio's RS system was receiving significant negative feedback.
On September 21, 2011, PacBio disclosed that its operations were threatened by the Company's cash burn and, as a result, the Company would lay off 130 employees and would incur $5 million in related separation expenses. In reaction to this news, PacBio stock plummeted 25% to close at $4.25 per share.
If you own PacBio stock and wish to obtain additional information about the investigation and your legal rights, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/pacific-biosciences-california-pacb.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com
SOURCE Levi & Korsinsky, LLP
