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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

The Law Offices of Frank R. Cruz Announces Investigation of Zymergen Inc. (ZY) on Behalf of Investors

November 11, 2021 GMT

LOS ANGELES--(BUSINESS WIRE)--Nov 11, 2021--

The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of Zymergen Inc. (“Zymergen” or the “Company”) (NASDAQ: ZY ) concerning whether the board breached its fiduciary duties to shareholders.

If you are a shareholder, click here to participate.

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In April 2021, Zymergen completed its IPO, selling approximately 18.5 million shares of common stock at $31 per share.

On August 3, 2021, after the market closed, Zymergen issued a business update stating that it “recently became aware of issues with its commercial product pipeline that will impact the Company’s delivery timeline and revenue projections.” Specifically, “several key target customers encountered technical issues in implementing Hyaline into their manufacturing processes,” and Zymergen also found that its total addressable market appears to be smaller than previously expected. As a result, Zymergen “no longer expects product revenue in 2021, and expects product revenue to be immaterial in 2022.” The Company also announced that its CEO was stepping down, effective immediately.

Our investigation concerns whether the Company’s board of directors breached its fiduciary duties to shareholders and/or grossly mismanaged the Company in connection with the above alleged misconduct.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

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If you still hold Zymergen shares purchased pursuant to or around the time of the April 2021 IPO and wish to discuss this matter with us, or have any questions concerning your rights and interests with regards to this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211111005364/en/

CONTACT: The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

fcruz@frankcruzlaw.com

www.frankcruzlaw.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: The Law Offices of Frank R. Cruz

Copyright Business Wire 2021.

PUB: 11/11/2021 12:00 PM/DISC: 11/11/2021 12:00 PM

http://www.businesswire.com/news/home/20211111005364/en