SECURITIES FRAUD ALERT: The Law Firm of Andrews & Springer LLC Announces That A Securities Fraud Class Action Has Been Filed ...
June 29 2015 - 8:03AM
Business Wire
Andrews & Springer LLC, a boutique securities class
action law firm focused on representing shareholders nationwide,
announced today that a securities fraud class action lawsuit has
been filed in the U.S. District Court, Northern District of
California, on behalf of investors of Solazyme, Inc. (NASDAQ: SZYM)
(“Solazyme” or the “Company”) that held shares between February 27,
2014 and November 5, 2014 (the “Class Period”). If you purchased
Solazyme securities during the Class Period, you may, no later than
August 24, 2015, request that the Court appoint you lead plaintiff
of the proposed class.
A copy of the complaint is available from the Court or from
Andrews & Springer LLC. If you would like to join the class
action, please visit our website or contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
www.linkedin.com/company/andrews-&-springer-llc, Twitter –
www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, during the Class Period, Solazyme made
false and misleading statements about the construction progress,
development, and expected production capacity associated with the
Company’s renewable oils production facility located in Moema,
Brazil (the “Moema Facility”). Solazyme executives caused Solazyme
securities to trade at artificially inflated prices by improperly
concealing ongoing construction delays due to insufficient access
to electricity and steam utility services. These challenges would
prohibit the Moema Facility from scaling its capacity production as
projected. The lawsuit further alleges that certain Defendants made
false and misleading statements and failed to disclose material
adverse information in offering documents filed with the U.S.
Securities and Exchange Commission in connection with the issuance
of (i) approximately $149.5 million in convertible notes on or
about March 27, 2014, and (ii) 5.75 million shares of common
stock on the same day at $11.00 per share for aggregate gross
proceeds of approximately $63.25 million.
On November 5, 2014, the truth about Solazyme’s cover-up
concerning the delays at the Moema Facility began to be revealed
when the Company announced that it would “narrow [its] production
focus to smaller volumes of higher value products” due to continued
issues generating consistent power and steam.
As a result of this news, Solazyme’s stock price fell 58%,
wiping out hundreds of millions of its market value.
Andrews & Springer is a boutique securities class action law
firm representing shareholders nationwide who are victims of
securities fraud, breaches of fiduciary duty or corporate
misconduct. Having formerly defended some of the largest financial
institutions in the world, our founding members use their valuable
knowledge, experience, and superior skill for the sole purpose of
achieving positive results for investors. These traits are the
hallmarks of our innovative approach to each case our Firm
decides to prosecute. For more information please visit our website
at www.andrewsspringer.com. This notice may constitute Attorney
Advertising.
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Andrews & Springer LLCCraig J. Springer, Esq.Toll Free:
1-800-423-6013cspringer@andrewsspringer.com