San Diego, CA -- (SBWIRE) -- 02/28/2012 -- The Shareholders Foundation announces that an investor in shares in NASDAQ:MBLX shares filed a lawsuit in the U.S. District Court for the District of Massachusetts against Metabolix, Inc. over alleged false and misleading statements.
Investors who purchased shares of Metabolix, Inc. (NASDAQ:MBLX), including but not limited to those who acquired NASDAQ:MBLX stocks between March 10, 2010 and January 12, 2012, have certain options and there are strict and short deadlines running. Deadline: April 17, 2012. NASDAQ:MBLX stockholders should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities that purchased the common stock of Metabolix, Inc. (NASDAQ:MBLX) between March 10, 2010 and January 12, 2012, that Metabolix, Inc. and certain of its officers violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements and omissions regarding Metabolix's business and operations.
Specifically, the plaintiff alleges that defendants materially misrepresented and/or failed to disclose that Telles LLC, Metabolix's joint venture with Archer-Daniels-Midland, which was established in July 2006 to sell PHA-based bioplastics, including Mirel and Mvera, in the US, Europe and other countries, would not meet its commercial phase benchmark by mid-2010, or even in 2011, which would allow the Metabolix to receive royalty payments and payments from services from Telles LLC, and that Metabolix's polyhydroxyalkanoate bioplastics product under the brand name "Mirel" was not a commercially viable product.
On January 12, 2012, Metabolix announced that Archer-Daniels-Midland had terminated the Telles LLC. joint venture because uncertainty about projected capital and production costs, and the rate of market adoption, caused too much uncertainty about projected financial returns for ADM. ADM further disclosed that the Telles joint venture was neither delivering sufficient results, nor was expected to deliver sufficient results in a reasonable timeframe. Upon this news, Metabolix stock declined approximately 57%, to reach a multi-year low of $2.54 per share.
Then on January 12, 2012, Metabolix, Inc.(NASDAQ: MBLX) announced that the Archer Daniels Midland Company has given notice of termination of the Telles, LLC joint venture for PHA bioplastics.
Metabolix, Inc. said that the joint venture Archer Daniels Midland Company recently undertook a strategic review of its business investments and activities and made the decision to focus resources outside of Telles LLC.
Metabolix, Inc. said that as the basis for the decision, Archer Daniels Midland Company indicated that the projected financial returns from the alliance were too uncertain.
Shares of Metabolix, Inc. (NASDAQ:MBLX) dropped from almost $6 per share on January 12, 2012 to $2.54 on January 13, 2012 and closed on February 21, 2012 at $2.85 per share.
Those who purchased shares of Metabolix, Inc. (NASDAQ:MBLX) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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