San Diego, CA -- (SBWIRE) -- 04/10/2012 -- A deadline is coming up on April 17, 2012 in the lawsuit filed for investors of Metabolix, Inc. (NASDAQ:MBLX) over certain alleged false and misleading statements made in violation of Federal Securities Laws by Metabolix, Inc.
Investors with a substantial investment in NASDAQ:MBLX shares between March 10, 2010 and January 12, 2012, should get active before the Deadline that is coming up on April 17, 2012 and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the District of Massachusetts 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.
Then 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.
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 April 6, 2012 at $2.78 per share.
Those who purchased shares of Metabolix, Inc. (NASDAQ:MBLX) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego