PacBio Board Independent Investigation Concludes Allegations Unsubstantiated
PacBio (NASDAQ: PACB) announced the conclusion of an independent investigation by the Special Committee of its Board of Directors regarding allegations from an employee affected by a recent workforce reduction. The investigation focused on employment practices and cybersecurity matters. The Special Committee found that the allegations were unsubstantiated, confirming no improper employment practices and no material inaccuracies in the company's cybersecurity disclosures in its 2024 Form 10-K. Board Chairman John Milligan expressed satisfaction with the investigation's conclusion.
PacBio (NASDAQ: PACB) ha annunciato la conclusione di un'indagine indipendente condotta dal Comitato Speciale del suo Consiglio di Amministrazione riguardo alle accuse presentate da un dipendente coinvolto in una recente riduzione del personale. L'indagine si è concentrata sulle pratiche occupazionali e sulle questioni di cybersecurity. Il Comitato Speciale ha stabilito che le accuse non erano fondate, confermando l'assenza di pratiche occupazionali improprie e di inesattezze significative nelle comunicazioni aziendali sulla cybersecurity nel modulo 10-K del 2024. Il Presidente del Consiglio, John Milligan, ha espresso soddisfazione per l'esito dell'indagine.
PacBio (NASDAQ: PACB) anunció la conclusión de una investigación independiente realizada por el Comité Especial de su Junta Directiva respecto a las acusaciones de un empleado afectado por una reciente reducción de personal. La investigación se centró en las prácticas laborales y asuntos de ciberseguridad. El Comité Especial determinó que las acusaciones no tenían fundamento, confirmando que no hubo prácticas laborales indebidas ni inexactitudes materiales en las divulgaciones de ciberseguridad de la empresa en su Formulario 10-K de 2024. El presidente de la Junta, John Milligan, expresó su satisfacción con los resultados de la investigación.
PacBio (NASDAQ: PACB)는 최근 인력 감축으로 영향을 받은 직원의 주장에 대해 이사회의 특별 위원회가 독립적으로 실시한 조사가 완료되었음을 발표했습니다. 조사는 고용 관행과 사이버 보안 문제에 중점을 두었습니다. 특별 위원회는 주장이 근거 없음을 확인하였으며, 부적절한 고용 관행이나 2024년 10-K 양식에 기재된 회사의 사이버 보안 공개 내용에 중대한 부정확성이 없음을 밝혔습니다. 이사회 의장 존 밀리건은 조사 결과에 만족감을 표명했습니다.
PacBio (NASDAQ : PACB) a annoncé la conclusion d'une enquête indépendante menée par le Comité spécial de son conseil d'administration concernant des allégations d'un employé affecté par une récente réduction d'effectifs. L'enquête s'est concentrée sur les pratiques d'emploi et les questions de cybersécurité. Le Comité spécial a conclu que les allégations étaient infondées, confirmant l'absence de pratiques d'emploi inappropriées et d'inexactitudes matérielles dans les divulgations de cybersécurité de l'entreprise dans son formulaire 10-K de 2024. Le président du conseil, John Milligan, s'est dit satisfait des conclusions de l'enquête.
PacBio (NASDAQ: PACB) gab den Abschluss einer unabhängigen Untersuchung durch den Sonderausschuss seines Vorstands bekannt, die sich mit Vorwürfen eines Mitarbeiters befasste, der von einer kürzlichen Personalreduzierung betroffen war. Die Untersuchung konzentrierte sich auf Beschäftigungspraktiken und Cybersicherheitsfragen. Der Sonderausschuss stellte fest, dass die Vorwürfe unbegründet waren, bestätigte keine unangemessenen Beschäftigungspraktiken und keine wesentlichen Ungenauigkeiten in den Cybersicherheitsangaben des Unternehmens im Formular 10-K für 2024. Der Vorstandsvorsitzende John Milligan äußerte Zufriedenheit mit dem Ergebnis der Untersuchung.
- Investigation found no improper employment practices
- No material inaccuracies found in cybersecurity disclosures
- Allegations did not affect current or previously reported financial results
- Company recently underwent a reduction in force
MENLO PARK, Calif., May 12, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB) today announced that the Special Committee of its Board of Directors (the “Special Committee”) has concluded its independent investigation into previously disclosed allegations from an attorney representing an employee impacted by our recent reduction in force regarding certain employment practices and cybersecurity matters of the Company. The allegations did not involve the current, or any previously reported, financial results, and the investigation found no improper employment practices and no material inaccuracies or omissions with respect to the cybersecurity disclosures in the Company’s 2024 Form 10-K.
Chairman of the Board John Milligan said, “We are pleased to have this investigation behind us and look forward to continuing to fulfill our mission of enabling the promise of genomics to better human health.”
About PacBio
PacBio (NASDAQ: PACB) is a premier life science technology company that designs, develops, and manufactures advanced sequencing solutions to help scientists and clinical researchers resolve genetically complex problems. Our products and technologies, which include our HiFi long-read sequencing, address solutions across a broad set of research applications including human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications. For more information, please visit www.pacb.com and follow @PacBio.
PacBio products are provided for Research Use Only. Not for use in diagnostic procedures.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. You should not place undue reliance on forward-looking statements because they are subject to assumptions, risks, and uncertainties and could cause actual outcomes and results to differ materially from currently anticipated results. Additional factors that could materially affect actual results can be found in PacBio's most recent filings with the Securities and Exchange Commission, including PacBio's most recent reports on Forms 8-K, 10-K, and 10-Q, and include those listed under the caption “Risk Factors.” These forward-looking statements are based on current expectations and speak only as of the date hereof; except as required by law, PacBio disclaims any obligation to revise or update these forward-looking statements to reflect events or circumstances in the future, even if new information becomes available.
Contacts
Investors:
Todd Friedman
ir@pacb.com
Media:
pr@pacb.com
FAQ
What was the outcome of PacBio's (PACB) Board investigation in May 2025?
Were PacBio's (PACB) financial results affected by the 2025 investigation?
What prompted the investigation at PacBio (PACB)?
Did the investigation find any issues with PacBio's 2024 Form 10-K cybersecurity disclosures?
