San Diego, CA -- (SBWIRE) -- 08/06/2012 -- An investor in shares of Metabolix, Inc. (NASDAQ:MBLX) filed a lawsuit against members of the board of directors of Metabolix, Inc. over alleged breaches of fiduciary duties in connection with certain financial statements.
Investors who are current long term stockholders in Metabolix, Inc. (NASDAQ:MBLX) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The lawsuit by a current investor in NASDAQ:MBLX shares against certain directors of Metabolix, Inc over alleged breaches of fiduciary duties follows an earlier filed lawsuit against Metabolix, Inc over alleged securities laws violations. The plaintiff in that lawsuit alleges that certain statements made by Metabolix, Inc were allegedly false and misleading when they were made.
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.
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 in January 2012 to as low as $1.79 per share on August 3, 2012.
Those who are current long term investors in Metabolix, Inc. (NASDAQ:MBLX) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego