NEW YORK, May 03, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired Exscientia p.l.c. (“Exscientia” or the “Company”) (NASDAQ: EXAI) securities during the period of March 23, 2022 through February 12, 2024, inclusive (“the Class Period”). Investors have until June 25, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On February 13, 2024, Exscientia issued a press release “announc[ing] that its Board of Directors has decided to terminate the employment of Andrew 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 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 the Chairman of the Board, David 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, the price of Exscientia shares declined by $1.79 per share, or approximately 22.9%, from $7.51 per share on February 12, 2024 to close at $5.79 on February 13, 2024.
The lawsuit alleges that Exscientia made false and/or misleading statements and/or failed to disclose that: (i) CEO Hopkins had engaged in improper relationships with employees that were inconsistent with the Company's standards and values; (ii) Nicholson had prior knowledge of Hopkins’s relationships and had improperly addressed Hopkins’s misconduct without consulting the Board; (iii) the Company’s maintenance and enforcement of its Code of Business Conduct and Ethics was inadequate to safeguard against the foregoing conduct; and (iv) the foregoing failures subjected the Company to a heightened risk of disruptive leadership transitions and/or reputational harm.
If you purchased or otherwise acquired Exscientia securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
