NEW YORK, May 01, 2024 (GLOBE NEWSWIRE) — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Exscientia p.l.c. (“Exscientia” or “the Company”) (NASDAQ: EXAI) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Exscientia securities between March 23, 2022 and February 12, 2024, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/EXAI.
Case Details:
According to the Complaint, Exscientia is an artificial intelligence (“AI”) driven Pharma-tech company that engages in the design and develop differentiated medicines for diseases with high unmet patient needs.
At all relevant times, according to the Complaint, the Company purported to “maintain[] the highest standards of business conduct and ethics” and, to that end, adopted a Code of Business Conduct and Ethics which applies to all of its employees, officers, and directors including former Chief Executive Officer (“CEO”) and Director Defendant Andrew Hopkins (“Hopkins”), former Chairman of the Company’s Board of Directors (the “Board”) Defendant David Nicholson (“Nicholson”), and all other executive and senior officers.
The Complaint alleges that throughout the Class Period Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Defendant Hopkins had engaged in improper relationships with employees that were inconsistent with the Company’s standards and values;
(2) Defendant Nicholson had prior knowledge of Defendant Hopkins’s relationships and had improperly addressed Hopkins’s misconduct without consulting the Board;
(3) the Company’s maintenance and enforcement of its Code of Business Conduct and Ethics was inadequate to safeguard against the foregoing conduct;
(4) the foregoing failures subjected the Company to a heightened risk of disruptive leadership transitions and/or reputational harm; and
(5) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
On February 13, 2024, Exscientia issued a press release “announc[ing] that its Board of Directors (the ‘Board’) has decided to terminate the employment of [Defendant] Hopkins as the Company’s [CEO] and Principal Executive Officer, and to remove Dr. Hopkins from his role as an Executive Director of the Board, in each case for cause and effective immediately.” The press release further revealed that the Board’s decision was taken following an investigation which found that Defendant Hopkins had “engaged in relationships with two employees that the Board determined were inappropriate and inconsistent with the Company’s standards and values.” In addition, the press release indicated that during the course of the investigation, the Board learned that “[Defendant] Nicholson [. . .] had prior knowledge of the existence of the earlier of Dr. Hopkins’ relationships and had addressed the situation directly, and with the involvement of other outside counsel, rather than in consultation with the Board,” and “[f]ollowing discussions with the Board, on February 12, 2024 Dr. Nicholson tendered his resignation from his positions with the Company.”
On this news, Exscientia’s stock price fell $1.72 per share, or 22.9%, to close at $5.79 per share on February 13, 2024, according to the Complaint.
Therefore, according to the Complaint, as a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, investors have suffered significant losses and damages.
What’s Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/EXAI or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Exscientia you have until June 25, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller,
332-239-2660 | info@bgandg.com
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