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Robbins Geller Rudman & Dowd LLP and Scott+Scott, Attorneys at Law, LLP Announce Proposed Settlement of Class Action in the Pacific Biosciences Securities Litigation
Date:7/25/2013

he merits and with prejudice; (3) the release by the Class of the Settled Claims, as set forth in the Stipulation, should be provided to the Released Parties; (4) this Action satisfies the applicable prerequisites for class action treatment under California Code of Civil Procedure §382; (5) to award Plaintiffs' Counsel attorneys' fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action ("Notice"), which is discussed below); (6) to reimburse Plaintiffs the costs and expenses (including lost wages) they incurred in prosecuting this Action on behalf of the Class out of the Settlement Fund; and (7) the Plan of Allocation should be approved by the Court.

This Action is a securities fraud class action brought on behalf of those Persons who purchased the common stock of PACB during the Class Period, against PACB, ten of its current and/or former key executives and directors, and four Underwriters (collectively, "Defendants") for allegedly misstating and omitting material facts from the Registration Statement and Prospectus filed with the SEC in connection with the October 27, 2010 Initial Public Offering ("IPO"), including: (1) facts relating to the status, development, and effectiveness  of a technology to study the synthesis and regulation of DNA (the "RS System"); (2) the existence of serious "bugs" that were plaguing the RS System and causing it to be unstable and unreliable; (3) the effectiveness and accuracy of PACB's technologies for sequencing genomes as compared to their competitors' technologies; (4) the RS System's relatively low raw-read accuracy, throughput and yields; (5) that purchasers of the RS System would have to compromise read length for accuracy; (6) demand for the RS System; and (7) the strength of the competition to the RS System.  Plaintiffs allege that these purportedly false and misleading statements inflated the price of the Compa
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SOURCE Robbins Geller Rudman & Dowd LLP; Scott+Scott, Attorneys at Law, LLP
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