GPM Reminds Investors of the Upcoming Deadline in the Class Action Lawsuit On Behalf Of Solazyme, Inc. Investors
August 21 2015 - 11:00AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) reminds investors that a
class action lawsuit has been filed on behalf of Solazyme, Inc.
(“Solazyme” or the “Company”) (NASDAQ:SZYM) investors who purchased
the Company’s 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 securities during the Class Period you
have until August 31, 2015 to file a motion to serve as lead
plaintiff in the class action. If you have information or would
like to learn more about these claims, or have any questions
concerning this announcement, please contact Casey Sadler, of GPM,
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150821005017/en/
Glancy Prongay & Murray, Los AngelesCasey Sadler310-201-9150
or 888-773-9224shareholders@glancylaw.comwww.glancylaw.com