|[December 20, 2012]
Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Neptune Technologies & Bioresources Inc.
WILMINGTON, Del. --(Business Wire)--
& Long, P.A. announces that a complaint has been filed in the
United States District Court for the Southern District of New York on
behalf of all persons or entities that purchased the common stock of
Neptune Technologies & Bioresources Inc. ("Neptune" or the "Company")
(NASDAQ CM: NEPT)
between December 12, 2011 and November 8, 2012 (the "Class Period"),
alleging violations of the Securities Exchange Act of 1934 against the
Company and certain of its officers (the "Complaint").
If you purchased shares of Neptune during the Class Period, or purchased
shares prior to the Class Period and still hold Neptune, and wish to
discuss this action or have any questions concerning this notice or your
rights or interests, please contact Timothy
J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825
East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by
e-mail to firstname.lastname@example.org,
or at: http://www.rigrodskylong.com/investigations/neptune-technologies-bioresources-inc-net.
Neptune is a Quebec, Canada-based biotechnology company that develops
and commercializes krill oil products extracted from Antarctica krill
for the nutraceutical, pharmaceutical, cosmetic, and pet food markets.
The Complaint alleges that throughout the Class Period, defendants made
materially false and misleading statements, and omitted materially
adverse facts, about the Company's business, operations and prospects.
Specifically, the Complaint alleges that the Defendants misled investors
about the Company's future prospects by, among other things, failing to
disclose that it had adopted an aggressive policy of volume discount to
secure market share; and failing to disclose that the Company had not
obtained necessary permits for the massive expansion project undertaken
at the Company's production plant in Sherbrooke - the Company's sole
production facility which housed all of its inventory. As a result of
defendants' false and misleading statements, the Company's stock traded
at artificially inflated prices during the Class Period.
According to the Complaint, in speaking of the benefits of the
Sherbrooke production plant expansion, the Company boasted of
exponentially expanded production facilities, new state of the art
production technologies, and increased profit margins, revenues and
earnings. On the strength of the inflated stock price generated from
these statements, the Company undertook a $34+ million registered public
stock offering, raising capital that would be used to fund the expansion
of the Sherbrooke facility.
Defendants, however, installed equipment facilitating the storage of
dangerously high levels of acetone at the Sherbrooke facility which, in
turn, led to its destruction following an explosion and fire on November
8, 2012, that destroyed the Sherbrooke production facility, and damaged
the expansion facility. As a result, the Company's entire manufacturing
capabilities have been indefinitely halted. The trading of Neptune stock
was halted following this explosion and upon its resumption on November
27, 2012, it proceeded to close down almost 32% from its closing price
prior on the day prior to the explosion. The future of the Neptune's
business now hangs in limbo as the Company is unable to produce their
own krill oil. Further, the Company may be subject to millions of
dollars in civil and criminal liability stemming from the explosion and
If you wish to serve as lead plaintiff, you must move the Court no later
than February 18, 2013. A lead plaintiff is a representative party
acting on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class members,
and that the class member will adequately represent the class. Your
ability to share in any recovery is not, however, affected by the
decision whether or not to serve as a lead plaintiff. Any member of the
proposed 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.
& Long, P.A. did not file the Complaint in this matter, the
firm, with offices in Wilmington, Delaware and Garden City, New York, regularly
litigates securities class, derivative and direct actions, shareholder
rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware
Court of Chancery and in state and federal courts throughout the United
Attorney advertising. Prior results do not guarantee a similar outcome.
[ Back To Technology News's Homepage ]