An investigation on behalf of current long term investors in Metabolix, Inc. (NASDAQ:MBLX) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:MBLX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/28/2012 -- Certain directors and officers of Metabolix, Inc are under the investigation for current long term investors in NASDAQ:MBLX shares over possible breaches of fiduciary duties.
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 investigation by a law firm for current long term investors in Metabolix, Inc. (NASDAQ:MBLX) stocks follows a lawsuit filed earlier by shareholders who purchased NASDAQ:MBLX shares only between March 10, 2010 and January 12, 2012. The lawsuit was filed against Metabolix, Inc. over alleged Securities Laws Violations in connection with certain statements that were allegedly false and misleading when they were made.
The investigation on behalf of investors in NASDAQ:MBLX stocks, including also those who purchased within or prior to the above stated time frame and currently hold (any) NASDAQ:MBLX shares, concerns whether certain Metabolix officers and directors breached their fiduciary duties owed to NASDAQ:MBLX stockholders and are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. 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.
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. On March 27, 2012, NASDAQ:MBLX shares closed at $3.34 per share.
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.
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