Glancy
Prongay & Murray announces the filing of a class action on
behalf of investors of Solazyme, Inc. (“Solazyme” or the “Company”)
(NASDAQ:SZYM) who purchased 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 shares during the Class Period, if you have
information or would like to learn more about these claims, or have any
questions concerning this announcement, please contact Lesley
Portnoy, of Glancy Prongay & Murray, 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/20150626005100/en/
Copyright Business Wire 2015