Key Developments: Pacific Biosciences of California Inc (PACB.OQ)

PACB.OQ on NASDAQ Stock Exchange Global Select Market

2.67USD
1 Aug 2013
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$0.08 (+3.09%)
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Latest Key Developments (Source: Significant Developments)

Pacific Biosciences Of California Inc Completes $20.5 Million Debt Financing
Tuesday, 5 Feb 2013 04:00pm EST 

Pacific Biosciences Of California Inc announced that it has entered into an agreement with entities affiliated with Deerfield Management Company, L.P. (Deerfield ) pursuant to which Deerfield provided Pacific Biosciences with $20.5 million in debt financing.Under the terms of the agreement, Pacific Biosciences issued senior secured promissory notes in the aggregate principal amount of $20.5 million. The notes, which have a maximum seven year term, will accrue interest at a rate of 8.75% per annum, payable quarterly in arrears. In addition, Pacific Biosciences issued Deerfield seven year warrants to purchase 5.5 million shares of its common stock with an exercise price of $2.63 per share. Deerfield received a transaction fee of $0.5 million at the time of funding. For additional information on the terms of these agreements, please refer to the current report on Form 8-K that Pacific Biosciences filed with the Securities and Exchange Commission, which includes copies of the agreements related to this transaction and this press release as exhibits.  Full Article

Rigrodsky & Long, P.A. Announces Class Action Asserting Violations Of The Federal Securities Laws By Pacific Biosciences Of California Inc
Monday, 10 Dec 2012 01:48pm EST 

Rigrodsky & Long, P.A. announced that it has commenced a class action asserting violations of the Federal securities laws by Pacific Biosciences Of California Inc ("PACB" or the "Company") on behalf of PACB shareholders. On April 6, 2012, the Court appointed Rigrodsky & Long, P.A. lead counsel in connection with the litigation. The litigation alleges that the Company failed to disclose in connection with its IPO that, contrary to the PACB's claim that its RS DNA sequencing system had a 99.99% 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.  Full Article

Pacific Biosciences Of California Inc And Imec Announce Collaboration To Develop Advanced Microchips For Single Molecule Sequencing Applications
Monday, 23 Jul 2012 07:30am EDT 

Pacific Biosciences Of California Inc and Imec announced a collaboration focused on the development of advanced microchips for multiplexed single molecule genetic analysis. This research and development project will build on Pacific Biosciences' zero-mode waveguide (ZMW) technology and imec's nanophotonics, CMOS sensors, technology integration and fabrication.  Full Article

Pacific Biosciences Of California Inc Issues Q2 2012 Revenue Guidance-Conference Call
Tuesday, 1 May 2012 04:30am EDT 

Pacific Biosciences Of California Inc announced that for second quarter of 2012, it expects to record approximately $7 million in total revenue for second quarter. This estimate includes our consumable and service revenues.  Full Article

Law Firm of Levi & Korsinsky Announces Investigation Of Pacific Biosciences Of California Inc
Thursday, 16 Feb 2012 02:43pm EST 

Law Firm of Levi & Korsinsky announced 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 Pacific Biosciences of California, Inc. (PacBio or the Company) securities between October 27, 2010 and September 20, 2011 (the Class Period). The Complaint asserts that, during the Class Period, defendants failed to disclose materially adverse facts regarding the Company’s operational and financial condition that were caused by significant problems with its third generation human genome sequencing technology. The Complaint further alleges that due to the Defendants’ materially false and misleading statements, PacBio stock traded at artificially inflated prices throughout the Class Period. On September 20, 2011, PacBio announced it was reducing its workforce by approximately 130 employees, or approximately 28%. The Company’s shares, which closed at $5.56 on September 20, 2011, fell almost 24% the following day, closing at $4.25 per share on heavy trading volume.  Full Article

Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Pacific Biosciences Of California Inc
Friday, 6 Jan 2012 06:17pm EST 

Ryan & Maniskas, LLP announced that a class action lawsuit has been filed in United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired the common stock of Pacific Biosciences of California, Inc. (PacBio or the Company) between October 27, 2010, and September 20, 2011, inclusive (the Class Period). The Complaint alleges that, during the Class Period, defendants failed to disclose materially adverse facts regarding the Company’s operational and financial condition that were caused by problems with its third generation human genome sequencing technology. The Complaint further alleges that due to the Defendants’ materially false and misleading statements, PacBio stock traded at artificially inflated prices throughout the Class Period. On September 20, 2011, after the close of the market, PacBio announced it was reducing its workforce by approximately 130 employees, or approximately 28% of its total workforce. The Company thus admitted what was apparent to its analysts: its products were not selling at the rate it had projected. Moreover, with the cuts to its research and development department, the prospects for needed improvement in the Company’s new and still developing technology were dim. The market reacted immediately. On this news, shares of PacBio fell $1.31 or about 24%, to close at $4.25 on heavy trading volume.  Full Article

Holzer Holzer & Fistel, LLC Announces Investigation into Potential Claims for Breach of Fiduciary Duties by Certain Officers and Directors of Pacific Biosciences Of California Inc
Friday, 6 Jan 2012 11:16am EST 

Holzer Holzer & Fistel, LLC announced that it is investigating potential breaches of fiduciary duty by certain officers and directors of Pacific Biosciences of California, Inc. On December 28, 2011, an investor filed a class action lawsuit in the Northern District of California alleging that the Company violated the federal securities laws between October 27, 2010 and September 20, 2011, (the Class Period). The lawsuit alleges, among other things, that during the Class Period the Company concealed or misrepresented certain limitations its RS technology faced. On September 20, 2011, PacBio announced that would not achieve revenue targets and that it was laying off 130 people. The Company’s stock price fell nearly 24% following that announcement. Holzer Holzer & Fistel, LLC’s investigation seeks to determine if the allegations contained in the class action complaint also give rise to separate claims for breaches of fiduciary duty.  Full Article

The Law Firm of Levi & Korsinsky Notifies Investors With Losses On Their Investment In Pacific Biosciences Of California Inc
Thursday, 5 Jan 2012 05:54pm EST 

Levi & Korsinsky announced 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 Pacific Biosciences Of California Inc securities between October 27, 2010 and September 20, 2011. The Complaint asserts that, during the Class Period, defendants failed to disclose materially adverse facts regarding the Company’s operational and financial condition that were caused by significant problems with its third generation human genome sequencing technology. The Complaint further alleges that due to the Defendants’ materially false and misleading statements, PacBio stock traded at artificially inflated prices throughout the Class Period. On September 20, 2011, PacBio announced it was reducing its workforce by approximately 130 employees, or approximately 28%. The Company’s shares, which closed at $5.56 on September 20, 2011, fell almost 24% the following day, closing at $4.25 per share on heavy trading volume.  Full Article

Robbins Umeda LLP Announces Investigation of Pacific Biosciences Of California Inc
Tuesday, 3 Jan 2012 07:40pm EST 

Robbins Umeda LLP announced that it is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Pacific Biosciences of California, Inc. (NASDAQ: PACB). Robbins Umeda LLP's investigation focuses on whether officials at Pacific Biosciences breached their fiduciary duties to shareholders, maintained woefully inadequate controls, and wasted corporate assets to the detriment of the company and investors. In particular, the firm is investigating allegations that members of the board of directors failed to disclose to investors significant known defects with the company's third generation human genome sequencing technology, prior to the company's October 27, 2010 initial public offering. Specifically, it is alleged that officials at the company failed to disclose that Pacific Biosciences' DNA sequencing technology was plagued with speed, accuracy, and mechanical issues that undermined its commercial viability. On August 5, 2011, J.P. Morgan downgraded its rating of Pacific Biosciences, projected that the company would not become profitable until 2015, and lowered its target price for the company to $10 per share. On this news, the price of Pacific Biosciences's stock closed on August 5, 2011, at $6.50, a decline of $3.40, or over 34% of its value.  Full Article

Rigrodsky & Long, P.A. Files Securities Fraud Class Action Lawsuit Against Pacific Biosciences Of California Inc
Wednesday, 28 Dec 2011 06:17pm EST 

Rigrodsky & Long, P.A. announced that it has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired the common stock of Pacific Biosciences of California, Inc. (“PacBio” or the “Company”) between October 27, 2010, and September 20, 2011, inclusive (the “Class Period”) alleging violations of the Securities Exchange Act of 1934 (the “Complaint”). The Complaint asserts that, during the Class Period, defendants failed to disclose material adverse facts regarding the Company’s overall operational and financial condition that were caused by significant problems with its third generation human genome sequencing technology. Defendants’ failure to disclose these problems rendered their statements concerning the Company’s financial condition and future prospects materially false and misleading which, in turn, artificially inflated the price of PacBio common stock during the Class Period.  Full Article

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