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Omega Protein Corporation (NYSE: OME) Investor Securities Class Action Lawsuit 03/02/2017

  • If you purchased shares of Omega Protein Corporation (NYSE: OME), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Omega Protein Corporation
Security
NYSE: OME

Case Name
Omega Protein Shareholder Class Action Lawsuit 03/02/2017
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

September 7, 2018 - The court granted the defendants' motion to dismiss.

January 5, 2018 - A motion to dismiss the second amended consolidated complaint was filed.

October 27, 2017 - A second amended consolidated complaint was filed.

July 18, 2017 - An amended consolidated complaint was filed.

May 15, 2017 - The case was transferred to the U.S. District Court for the Southern District of New York.

March 3, 2017 - Another investor in shares of Omega Protein Corporation (NYSE: OME) filed a complaint in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Omega Protein Corporation in connection with certain allegedly false and misleading statements made between August 3, 2016 and March 1, 2017.

March 2, 2017 - An investor in shares of Omega Protein Corporation (NYSE: OME) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Omega Protein Corporation in connection with certain allegedly false and misleading statements made between June 4, 2013 and March 1, 2017.

Omega Protein Corporation reported that its annual Total Revenue increased from $308.63 million in 2014 to $390.83 million in 2016 while its Net Income rose from $18.46 million in 2014 to $32.91 million in 2016. Shares of Omega Protein Corporation (NYSE: OME) grew from $$16.34 per share in April 2016 to $26.55 per share in January 2017.

On March 1, 2017, Omega Protein Corporation disclosed that in December 2016 it had received a subpoena from the Securities and Exchange Commission (“SEC”) seeking information in connection with an investigation of an Omega Protein Corporation subsidiary’s compliance with its probation terms and the Company’s protection of whistleblower employees. Shares of Omega Protein Corporation (NYSE: OME) declined from $26.40 per share on March 1, 2017, to as low as $18.35 per share on March 3, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Omega Protein Corporation (NYSE: OME) common shares between June 4, 2013 and March 1, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 4, 2013 and March 1, 2017, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects, including: that Omega Protein Corporation’s subsidiary was potentially not in compliance with its probation terms, that the Company was not properly protecting whistleblower employees, that, as a result of the foregoing, the Company was vulnerable to an SEC investigation and potential civil and criminal liability, and that, as a result of the foregoing, defendants’ statements about Omega Protein’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.