NEW YORK, June 30, 2015 /PRNewswire/ -- Bernstein Liebhard
LLP today announced that a class action has been commenced in the
United States District Court for the Northern District of
California on behalf of purchasers
(the "Class") of Solazyme, Inc. ("Solazyme" or the "Company")
(NASDAQ: SZYM) securities during the period of February 27, 2014 and November 5, 2014 (the "Class Period"), including
those traceable to either of Solazyme's two registered public
offerings on March 27, 2014 (the
"Offerings"), alleging violations of the Securities Exchange Act of
1934 and/or the Securities Act of 1933 against the Company and
certain of its officers (the "Complaint").
Solazyme is a San
Francisco-based bio-products company that produces
sustainable oils from microalgae. The Company uses an industrial
fermentation process to transform plant-based sugars into
triglyceride oils, which are used in a wide range of products
On March 25, 2014, Solazyme filed
a Registration Statement with the SEC for the Offerings. 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 November 5, 2014, Solazyme
acknowledged significant construction delays at the Moema Facility
and 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, over 58%, on
November 6, 2014, and the market
price of Solazyme's Notes declined by $235.00 per Note, over 30%, on November 7, 2014, the next session in which the
Notes traded.
Plaintiffs seek to recover damages on behalf of all Class
members who purchased Solazyme notes or shares during the Class
Period. If you purchased Solazyme securities as described
above, and either lost money on the transaction or still hold the
security, you may wish to join in this action to serve as lead
plaintiff. In order to do so, you must meet certain
requirements set forth in the applicable law and file appropriate
papers no later than August 24,
2015.
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 Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as a Solazyme
shareholder and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. The
National Law Journal has recognized Bernstein Liebhard for
twelve consecutive years as one of the top plaintiffs' firms in the
country.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Northern
District of California.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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