WAYNE, Pa., June 26, 2015 /PRNewswire/ -- Ryan &
Maniskas, LLP that a class action lawsuit has been filed in United
States District Court for the Northern District of California on behalf of purchasers of
Solazyme, Inc. ("Solazyme" or the "Company") (NASDAQ: SZYM)
securities during the period between February 27, 2014 and November 5, 2014 (the "Class Period"), including
pursuant and/or traceable to either of Solazyme's two registered
public offerings on March 27, 2014
(the "Offerings").
Solazyme shareholders may, no later than August 24, 2015, move the Court for appointment
as a lead plaintiff of the Class. If you purchased shares of
Solazyme and would like to learn more about these claims or if you
wish to discuss these matters and have any questions concerning
this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/szym.
The complaint charges Solazyme, certain of its officers and
directors and the underwriters of the Offerings with violations of
the Securities Exchange Act of 1934 and/or the Securities Act of
1933. Solazyme is a bioproducts company that uses algae-based
fermentation to produce renewable oils for a range of personal and
industrial uses.
On March 25, 2014, Solazyme filed
with the SEC a Registration Statement for the Offerings, which was
amended the next day to register an additional $12.75 million in aggregate maximum principal
amount of stock and notes. On March
27, 2014, Solazyme filed a Prospectus in connection with the
offering of $149.5 million in
convertible notes paying 5% interest and scheduled to mature in
2019 (the "Notes"). On the same day, Solazyme filed a
Prospectus for the offering of 5.75 million shares of stock at
$11 per share for aggregate gross
proceeds of approximately $63.25
million.
The complaint alleges that during the Class Period and in the
Registration Statements and Prospectuses for the Offerings,
defendants made materially false and misleading statements and/or
failed to disclose adverse information about Solazyme's
construction progress, development and production capacity at its
renewable oils production facility located in Moema, Brazil (the "Moema Facility").
Specifically, the complaint alleges defendants' statements were
false and misleading because they failed to disclose that the Moema
Facility was experiencing construction delays due to insufficient
access to electricity and steam utility services, and that these
challenges would prohibit the Moema Facility from scaling its
capacity production as projected. As a result of these false
and misleading statements and/or omissions, Solazyme securities
traded at artificially inflated prices during the Class Period.
On May 5, 2014, Solazyme reported
operational results for the first quarter of 2014. During the
related conference call, Solazyme's CEO stated that, rather than
being "online" with "everything functioning as expected," as
defendants had previously claimed, the Moema Facility was instead
"experiencing intermittent power and steam availability," and
consequently had failed to produce its first commercial
product. Then, after the markets closed on November 5, 2014, Solazyme acknowledged
significant and wide-ranging construction delays at the Moema
Facility. On that day, the Company revealed for the first
time that it would "narrow [its] production focus to smaller
volumes of higher value products at . . . Moema" and would be
"prioritizing cash management and product margin over a rapid
capacity ramp." On this news, the price of the Company's
stock declined $4.35 per share, or
58%, to close at $3.14 per share on
November 6, 2014, and the market
price of Solazyme's Notes declined by $235.00 per Note, or 30%, to close at
$540.00 per Note on November 7, 2014, the next session in which the
Notes traded.
Plaintiff seeks to recover damages on behalf of all purchasers
of Solazyme securities during the Class Period, including pursuant
and/or traceable to the Offerings (the "Class").
If you are a member of the class, you may, no later than
August 24, 2015, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
For more information regarding this, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas,
Esquire) toll-free at (877) 316-3218 or by email at
rmaniskas@rmclasslaw.com or visit:
www.rmclasslaw.com/cases/szym. For more information about
class action cases in general or to learn more about Ryan &
Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old
Eagle School Rd., Suite 311
Wayne, PA
19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/szym
rmaniskas@rmclasslaw.com
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SOURCE Ryan & Maniskas, LLP