According to the Complaint, Talis Biomedical Corporation purportedly develops diagnostic tests to enable accurate, reliable, low cost, and rapid molecular testing for infectious diseases and other conditions at the point-of-care. The Talis One tests are being developed for respiratory infections, infections related to women’s health, and sexually transmitted infections.
This is a class action on behalf of persons and entities that purchased or otherwise acquired Talis common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s February 2021 initial public offering (“IPO” or the “Offering”).
The Complaint action alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that the comparator assay in the primary study lacked sufficient sensitivity to support Talis’s EUA application for Talis One COVID-19 test; (2) that, as a result, Talis was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 test; (3) that, as a result, the Company’s commercialization timeline would be significantly delayed; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On June 3, 2022, the Court issued an Order consolidating cases and appointing Co-Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 22-CV-00105.
Lead Plaintiffs filed a consolidated Complaint on July 1, 2022. Defendants filed a Motion to Dismiss the consolidated Complaint on August 5. On December 9, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.
Lead Plaintiffs filed an amended consolidated Complaint on January 13, 2023. Defendants filed a Motion to Dismiss the amended consolidated Complaint on February 17. On April 28, the Court issued an Order denying Defendants' Motion to Dismiss.