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Neptune Technologies & Bioressources Inc (NASDAQ: NEPT) Investor Securities Class Action Lawsuit 12/19/2012

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Lawsuit Overview

Case Dismissed
Company
Neptune Technologies & Bioressources-Ord
Security
NASDAQ: NEPT

Case Name
Neptune Technologies & Bioressources Shareholder Class Action Lawsuit 12/19/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

May 13, 2013 - The court approved the stipulation and dismissed the case without prejudice.
May 9, 2013 - The parties field a stipulation of voluntary dismissal without prejudice.

May 8, 2013 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

February 19, 2013 - Lead plaintiff motion was filed.

December 19, 2012 - An investor in shares of Neptune Technologies & Bioressources Inc (NASDAQ: NEPT) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged securities laws violations by Neptune Technologies & Bioressources Inc in connection with allegedly false and misleading financial statements.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased the common stock of Neptune Technologies & Bioressources Inc (NASDAQ: NEPT) between December 12, 2011 and November 8, 2012 and those who purchased shares of Neptune Technologies & Bioressources Inc (NASDAQ: NEPT) in its September 25, 2012 registered public stock offering priced at $4.10 per share, that Neptune Technologies & Bioressources Inc and certain of its officers and directors violated the Securities Exchange Act of 1934.

More specifically, the plaintiff alleges that between December 12, 2011 and November 8, 2012 defendants allegedly lauded the future benefits of the massive expansion underway at the Company’s Sherbrooke production plant – the Company’s sole production facility which housed all of its inventory.

Shares of Neptune Technologies & Bioressources Inc (NASDAQ: NEPT) grew from as low as $0.36 per share in Nov. 2008 to as high as $4.94 per share in July 2012.

On Nov. 12, 2012 Neptune Technologies & Bioressources Inc (NASDAQ: NEPT) (TSX: NTB) reported that in the afternoon of November 8, 2012, an explosion and fire destroyed its production plant located in Sherbrooke, Québec, Canada. Three employees were fatally injured. Eighteen other people were transported to the hospital, four of whom were severely injured.

Then on November 26, 2012, Neptune Technologies & Bioressources Inc disclosed that on November 16, 2012, Neptune Technologies & Bioressources Inc received from the Québec Ministry of Environment a notice alleging environmental non-compliance relating to specific equipment acquisitions by Neptune and its plant expansion.

Shares of Neptune Technologies & Bioressources Inc (NASDAQ: NEPT) declined from almost $5 per share in July to as low as $1.63 on December 18, 2012.

On December 19, 2012, NASDAQ: NEPT shares closed at $2.06 per share.

On Dec. 20, 2012, Neptune Technologies & Bioressources Inc (NASDAQ: NEPT) (TSX: NTB) announced that it believes that the claim is completely without merit and that it has substantial and meritorious legal and factual defenses, which Neptune intends to pursue vigorously.