An investigation on behalf of current long term investors in Solazyme Inc (NASDAQ:SZYM) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:SZYM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/10/2015 -- An investigation for long-term investors in NASDAQ:SZYM shares was announced concerning potential breaches of fiduciary duties by certain Solazyme directors and officers that caused damages to SZYM stockholder.
Investors who are current long term investors in Solazyme Inc (NASDAQ:SZYM) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ:SZYM stocks follows a lawsuit filed recently against Solazyme Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:SZYM stocks, concerns whether certain officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that between February 27, 2014 and November 5, 2014 certain Defendants made allegedly false and misleading statements and allegedly concealed material information relating to the construction progress, development, and expected production capacity of the Company's renewable oils production facility located in Moema, Brazil (the "Moema Facility"), and that Defendants caused Solazyme Inc (NASDAQ:SZYM) securities to trade at artificially inflated prices by improperly concealing ongoing construction delays due to insufficient access to electricity and steam utility services, and that these challenges allegedly prohibited the Moema Facility from scaling its capacity production as projected.
Additionally, the plaintiff alleges that Solazyme Inc, certain of its officers and directors, and the underwriters of the two registered public offerings on or about March 27, 2014violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. More specifically, the plaintiff alleges that certain Defendants made false and misleading statements and failed to disclose material adverse information in offering documents filed with the U.S. Securities and Exchange Commission in connection with the issuance of approximately $149.5 million in convertible notes on or about March 27, 2014, and that 5.75 million shares of common stock on the same day at $11.00 per share for aggregate gross proceeds of approximately $63.25 million.
On November 5, 2014, Solazyme Inc reported its third quarter 2014 results. Solazyme Inc announced that its third quarter Revenue rose from $10.62 million in 2013 to $17.55 million in 2014 and that its third quarter Net Loss increased from $30.7 million in 2013 to $39.67 million in 2014. Shares of Solazyme Inc (NASDAQ:SZYM) declined to as low as $2.89 per share on November 6, 2014. In fact, NASDAQ:SZYM shares declined from as high as $14 per share in early 2014 to under $3 per share in early November 2014, respectively $2.00 per share on January 29, 2015.
Those who purchased shares of Solazyme Inc (NASDAQ:SZYM) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego