Glancy Prongay & Murray Announces The Filing Of A Securities Class Action On Behalf Of Solazyme, Inc. Investors
26 June 2015 - 3:30PM
Business Wire
Glancy Prongay & Murray announces the filing of a class
action on behalf of investors of Solazyme, Inc. (“Solazyme” or the
“Company”) (NASDAQ:SZYM) who purchased securities between February
27, 2014 and November 5, 2014, inclusive (the “Class Period”).
Investors have until August 24, 2015 to file a motion to be
appointed as a lead plaintiff in this class action lawsuit.
Solazyme is a bioproducts company that uses algae-based
fermentation to produce renewable oils for a range of personal and
industrial uses. The complaint alleges that throughout the Class
Period, the Company made false and/or misleading statements, as
well as failed to disclose material adverse facts about Solazyme's
construction progress, development and production capacity at its
renewable oils production facility located in Moema, Brazil (the
"Moema Project"). Specifically, Defendants made false and/or
misleading statements and/or failed to disclose that: Solazyme
misstated and/or failed or disclose unfavorable news about the
Moema Project. Solazyme initially failed to report that the Moema
Project suffered construction delays stemming from the inadequate
availability of electricity and steam utilities. As a result, the
lawsuit alleges that Solazyme was prevented from increasing output
to its previously projected levels. On or around November 5, 2014,
when the truth regarding the Moema Project was revealed to
investors, the Company's stock declined $4.35 per share, or 58%, to
close at $3.14 per share on November 6, 2014.
If you purchased Solazyme shares during the Class Period, if you
have information or would like to learn more about these claims, or
have any questions concerning this announcement, please contact
Lesley Portnoy, of Glancy Prongay & Murray, 1925 Century Park
East, Suite 2100, Los Angeles, California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150626005100/en/
Glancy Prongay & Murray, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com