On May 5, 2014, Solazyme reported operational results for the first quarter of 2014. During the related conference call, Solazyme's CEO stated that, rather than being "online" with "everything functioning as expected," as defendants had previously claimed, the Moema Facility was instead "experiencing intermittent power and steam availability," and consequently had failed to produce its first commercial product. Then, after the markets closed on November 5, 2014, Solazyme acknowledged significant and wide-ranging construction delays at the Moema Facility. On that day, the Company revealed for the first time that it would "narrow [its] production focus to smaller volumes of higher value products at . . . Moema" and would be "prioritizing cash management and product margin over a rapid capacity ramp." On this news, the price of the Company's stock declined $4.35 per share, or 58%, to close at $3.14 per share on November 6, 2014, and the market price of Solazyme's Notes declined by $235.00 per Note, or 30%, to close at $540.00 per Note on November 7, 2014, the next session in which the Notes traded.
Plaintiff seeks to recover damages on behalf of all purchasers of Solazyme securities during the Class Period, including pursuant and/or traceable to the Offerings (the "Class").
Robbins Geller, with 200 lawyers in ten offices, has extensive experience in prosecuting investor class actions, including actions involving financial fraud, and represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history and was ranked first in both the amount and number of shareholder class action recoveries in ISS's SCAS Top 50 report for 2014