Gainey McKenna & Egleston Announces That an Action Has Been Filed Against the Officers and Directors of Solazyme, Inc. (SZYM)...
January 15 2016 - 9:30PM
Gainey McKenna & Egleston announces that an action has been
filed in the United States District Court for the Northern District
of California against the directors and/or officers of Solazyme,
Inc. (“Solazyme” or the “Company”) (NASDAQ:SZYM). The action
alleges that the officers and directors of Solazyme breached their
fiduciary duties of loyalty, good faith and candor that resulted in
substantial harm to the Company.
The Complaint further alleges that Defendants
each breached their duties of loyalty and good faith by allowing
Defendants to cause, or by themselves causing, the Company to make
false and/or misleading statements and/or failing to disclose that:
(a) Solazyme’s Moema Facility was experiencing difficulties due to
insufficient access to electricity and steam utility services; (b)
the Moema Facility’s design and construction relating to the
internal transfer of materials and recovery of end products caused
it to suffer from problems not present at the Company’s other
facilities; (c) the Moema Facility could not scale its production
in a cost effective manner; (d) the Company lacked adequate
internal and financial controls; (e) as a result of the foregoing,
Solazyme lacked a reasonable basis for its projections relating to
the Moema Facility’s progress and the Company’s outlook; and (f)
the Company’s financial statements were materially false or
misleading at all relevant times.
If you are an investor in Solazyme securities
and wish to discuss your rights, please contact Thomas J. McKenna,
Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston
at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or
gegleston@gme-law.com.