NEW YORK, Sept. 11, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Enzymotec Ltd. ("Enzymotec" or the "Company") (Nasdaq:ENZY) securities between September 27, 2013 and August 4, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and certain of its officers and/or directors violated Sections 11 and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you purchased Enzymotec stock during the Class Period, you may, no later than November 4, 2014, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Enzymotec Securities Class Action please contact Morgan & Morgan at 1-800-732-5200 or email info@morgansecuritieslaw.com
The complaint also alleges that Enzymotec made materially false and/or misleading statements and/or failed to disclose during the Class Period that: (i) the Company's baby formula business located in China was jeopardized and subject to a rise in volatility and a reduction in revenues; (ii) Enzymotec's Chinese business was subject to material and readily identifiable Chinese compliance regulations; and (iii) one of the Company's joint ventures was subject to liability and decreasing revenues.
On August 5, 2014, Enzymotec announced that there was an increased impact of Chinese government regulations on its sales of infant formula and disclosed that its financial results were significantly lower than the prior year in almost all respects.
Following this news, the price of the Company's stock declined by $5.87, or over 39%, to close at $9.11 on August 5, 2014.
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