Twist shareholders who have held company stock since before December 13, 2019, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award at no cost to them whatsoever.
It is alleged, in several class actions, that the Company and certain of its officers overstated the commercial viability of Twist Bioscience’s synthetic DNA manufacturing technology while engaging in accounting fraud and using unsustainable pricing to inflate Twist Bioscience’s true financial condition and prospects.
Unlike a class action, brought on behalf of investors, a shareholder derivative action or demand is brought by a shareholder of a public company on behalf of and for the benefit of the company itself. In a derivative action, shareholders “step into the shoes” of the directors and officers of a company and bring litigation that the board would be unwilling to pursue on its own. Shareholder derivative litigation can recover damages back to the company for financial or reputational harm caused by the conduct of its insiders, and also can be used to improve the governance of public companies in order to guard against such harms in the future.
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