A lawsuit was filed on behalf of investors in Solazyme Inc (NASDAQ:SZYM) shares over alleged securities laws violations and NASDAQ:SZYM investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/13/2015 -- An investor, who purchased shares of Solazyme Inc (NASDAQ:SZYM), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Solazyme Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Solazyme Inc (NASDAQ:SZYM) have certain options and for certain investors are short and strict deadlines running. Deadline: August 24, 2015. NASDAQ:SZYM investors should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Solazyme Inc (NASDAQ:SZYM) common shares between February 27, 2014 and November 5, 2014,, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims 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.
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