NEW YORK, Jan. 15, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Neptune Technologies & Bioressources, Inc. ("Neptune Technologies" or the "Company") who purchased Neptune Technologies common stock between December 12, 2011 and November 8, 2012 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether Neptune Technologies and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Throughout the Class Period the Company issued materially false and misleading statements regarding the Company's business, operations and financial prospects. Specifically, the Company misrepresented and/or failed to disclose that: (1) the Company had installed larger acetone storage tanks at the Company's Sherbrooke, Québec, production facility, storing dangerously high levels of acetone that exceeded the limits established by the Québec Ministry of Environment in 2002; (2) the Company failed to obtain permission from the Québec government to commence expansion of the Sherbrooke facility; (3) the Company had been pursuing market share regardless of the downward pressure and risk to its profit margins; and (4) as a result, Neptune Technologies' statements concerning its operational performance, growth and financial prospects were false and misleading.
The trading of Neptune stock was halted following an explosion at the Sherbrooke facility, and upon its resumption on November 27, 2012, it closed down almost 32% from its closing price on the day prior to the explosion.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.