NEW YORK, March 6, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Arizona on behalf of all purchasers of NutraCea common stock (OTCBB:NTRZ) during the period from August 14, 2007 through and including February 23, 2009 (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased NutraCea common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by April 28, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The complaint charges NutraCea and certain of its officers and directors with violations of Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934 by issuing materially inaccurate financial statements to the investing public. On February 23, 2009, NutraCea announced that it would be restating revenue for the quarterly periods from the second quarter of 2007 through the fourth quarter of 2008 and for the fiscal year ended December 31, 2007. The restatement is due to NutraCea's improper recognition of revenue on two transactions in 2007. Of the approximately $22.2 million of revenue reported for 2007, NutraCea estimates that $4.6 million will be reversed. News of the pending restatement caused NutraCea's stock price to fall significantly, damaging investors.