SAN FRANCISCO, March 06, 2022 (GLOBE NEWSWIRE) — Hagens Berman urges Talis Biomedical Corporation (NASDAQ:TLIS) investors with significant losses to submit your losses now. A securities class action has been filed concerning defendants’ representations during Talis’ Feb. 2021 initial public offering.
Class Period: Feb. 8, 2021 – Jan. 7, 2022
Lead Plaintiff Deadline: Mar. 8, 2022
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Talis Biomedical Corporation (TLIS) Securities Class Action:
Talis touted in its IPO documents that it submitted an application for emergency use authorization (“EUA”) to the FDA for its Talis One COVID-19 test in Jan. 2021. The company said it assessed the performance of the Talis One platform comparing nasal specimens with tests conducted in a central lab using the Center for Disease Control and Prevention assay, the test data used to assess the test exactly matched central lab results, and this suggested clinical sensitivity and specificity in the broader clinical population. These statements enabled Talis to go public and raise over $232 million in proceeds.
According to the complaint, the IPO documents were false and misleading as they omitted to disclose that: (1) the comparator assay in the study lacked sufficient sensitivity to support the company’s EUA application; (2) as a result, Talis was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 test; and, (3) as a result, the company’s commercialization timeline would be significantly delayed.
On Mar. 8, 2021, Talis announced that it withdrew its EUA application after the FDA informed it in late Feb. 2021 that it cannot ensure the comparator assay has sufficient sensitivity to support the company’s EUA application.
Over the next six months, Talis released a series of adverse disclosures concerning the Talis One COVID-19 test and the company’s prospects. In…
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