[USA] Glancy Prongay & Murray LLP (“GPM”) reminds investors that a class action lawsuit has been filed on behalf of Solazyme, Inc. (“Solazyme” or the “Company”) (NASDAQ:SZYM) investors who purchased the Company’s securities between February 27, 2014 and November 5, 2014, inclusive (the “Class Period”). Investors have until August 24, 2015 to file a motion to be appointed as a lead plaintiff in this class action lawsuit.
Solazyme is a bioproducts company that uses algae-based fermentation to produce renewable oils for a range of personal and industrial uses. The complaint alleges that throughout the Class Period, the Company made false and/or misleading statements, as well as failed to disclose material adverse facts about Solazyme’s construction progress, development and production capacity at its renewable oils production facility located in Moema, Brazil (the “Moema Project”).
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: Solazyme misstated and/or failed or disclose unfavorable news about the Moema Project. Solazyme initially failed to report that the Moema Project suffered construction delays stemming from the inadequate availability of electricity and steam utilities. As a result, the lawsuit alleges that Solazyme was prevented from increasing output to its previously projected levels. On or around November 5, 2014, when the truth regarding the Moema Project was revealed to investors, the Company’s stock declined $4.35 per share, or 58%, to close at $3.14 per share on November 6, 2014.
If you purchased Solazyme securities during the Class Period you have until August 31, 2015 to file a motion to serve as lead plaintiff in the class action. If you have information or would like to learn more about these claims, or have any questions concerning this announcement, please contact Casey Sadler, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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