NEW YORK, July 7, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a securities class action has been filed in the United States District Court for the Northern District of California on behalf of those who purchased shares of Solazyme, Inc. ("Solazyme" or the "Company") (Nasdaq:SZYM), during the period between February 27, 2014 and November 5, 2014, inclusive (the "Class Period") including the Company's two registered public offerings on March 27, 2014.
If you purchased Solazyme securities during the Class Period, you may, no later than August 24, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all 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 Solazyme Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com.
The Complaint alleges that during the Class Period, and in the Registration Statements and Prospectuses for the Offerings, defendants made materially false and misleading statements and/or failed to disclose adverse information about Solazyme's construction progress, development and production capacity at its renewable oils production facility located in Moema, Brazil.
On November 5, 2014, the Company disclosed that it would "narrow [its] production focus to smaller volumes of higher value products" due to continued issues generating consistent power and steam. Following this disclosure, Solazyme's stock price declined $4.35, over 58%, to close at $3.14 per share on November 6, 2014. Similarly, the market price of Solazyme's notes declined by $235.00 per note, over 30%, to close at $540.00 on November 7, 2014, the next session in which the Notes traded.
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