Lawsuit Overview
June 26, 2018 - The court granted defendants' motion to dismiss.
March 17, 2017 - Defendants filed a motion to dismiss.
February 15, 2017 - The lead plaintiffs filed another amended complaint.
December 29, 2016 - The court granted defendants' motions to dismiss with leave to amend.
February 13, 2016 - Defendants filed motions to dismiss.
December 15, 2015 - The lead plaintiffs filed an amended complaint.
October 8, 2015 - Lead plaintiffs and lead counsel were appointed.
August 24, 2015 - Lead plaintiff motions were filed.
June 24, 2015 - An investor in shares of Solazyme Inc (NASDAQ: SZYM) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Solazyme Inc in connection with certain allegedly false and misleading statements made between February 27, 2014 and November 5, 2014.
According to the complaint the plaintiff alleges on behalf of purchasers of Solazyme Inc (NASDAQ: SZYM) common shares between February 27, 2014 and November 5, 2014, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 27, 2014 and November 5, 2014 certain Defendants made allegedly false and misleading statements and allegedly concealed material information relating to the construction progress, development, and expected production capacity of the Company’s renewable oils production facility located in Moema, Brazil (the “Moema Facility”), and that Defendants caused Solazyme Inc (NASDAQ: SZYM) securities to trade at artificially inflated prices by improperly concealing ongoing construction delays due to insufficient access to electricity and steam utility services, and that these challenges allegedly prohibited the Moema Facility from scaling its capacity production as projected.
Additionally, the plaintiff alleges that Solazyme Inc, certain of its officers and directors, and the underwriters of the two registered public offerings on or about March 27, 2014 violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. More specifically, the plaintiff alleges that certain Defendants made false and misleading statements and failed to disclose material adverse information in offering documents filed with the U.S. Securities and Exchange Commission in connection with the issuance of approximately $149.5 million in convertible notes on or about March 27, 2014, and that 5.75 million shares of common stock on the same day at $11.00 per share for aggregate gross proceeds of approximately $63.25 million.
In February 2014 Solazyme Inc reported its fourth quarter and full year 2013 results. Solazyme Inc reported that annual Total Revenue declined from $44.11 million in 2012 to $39.75 million in 2013 and that its Net Loss increased from $83.13 million in 2012 to $116.39 million in 2013. Shares of Solazyme Inc (NASDAQ: SZYM) grew to as high as $14.00 per ahare in March 2014.
Since then NASDAQ: SZYM shares have lost significant value.
On May 5, 2014, Solazyme Inc reported its first quarter 2014 results. Solazyme Inc announced that its first quarter Revenue rose from $6.68 million in 2013 to $12.39 million in 2014 and that its first quarter Net Loss increased from $26.52 million in 2013 to $34.68 million in 2014. NASDAQ: SYZM shares declined to as low as $9.00 per share in later May 2014.
On July 30, 2014, Solazyme Inc reported its second quarter 2014 results. Solazyme Inc announced that second quarter Revenue rose from $11.17 million in 2013 to $15.93 million in 2014 and that its second quarter Net Loss increased from $25.82 million in 2013 to $42.91 million in 2014.
On November 5, 2014, Solazyme Inc reported its third quarter 2014 results. Solazyme Inc announced that its third quarter Revenue rose from $10.62 million in 2013 to $17.55 million in 2014 and that its third quarter Net Loss increased from $30.7 million in 2013 to $39.67 million in 2014. Shares of Solazyme Inc (NASDAQ: SZYM) declined to as low as $2.89 per share on November 6, 2014. In fact, NASDAQ: SZYM shares declined from as high as $14 per share in early 2014 to under $3 per share in early November 2014, respectively $2.00 per share on January 29, 2015.