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Feb. 27, 2012 /PRNewswire/ -- Former United States Securities and United States Securities and Exchange Commission attorney
Willie Briscoe, founder of
The Briscoe Law Firm, PLLC, and the securities litigation firm of
Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Metabolix, Inc. ("Metabolix") (NASDAQ: MBLX) related to potential securities violations between
March 10, 2010 and
January 12, 2012 (the "Class Period").
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact
Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
"Recent revelations about the company's alleged failure to disclose to the investing public that its joint venture with the Archer Daniels-Midland Company, to sell and market Metabolix's polyhydroxyalkanoate ("PHA") bioplastics product Mirel, was not meeting certain development and commercial benchmarks have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Metabolix's officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Metabolix stock for all shareholders, including seeking removal of certain officers and directors and monetary payments," said shareholder rights attorney
In a recently filed federal class action complaint, Metabolix and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that during the Class Period, defendants misrepresented or failed to disclose the following adverse facts: (a) that Metabolix's Telles LLC joint venture project with Archer Daniels-Midland Company ("ADM") would not meet its commercial phase benchmark as early as mid-2010, or even in 2011, which would allow Metabolix to receive royalty payments and payments from services from Telles; and (b) that Metabolix's Mirel product was not a commercially viable product that would offer value to Metabolix. According to the complaint, on
January 12, 2012, Metabolix announced that ADM had given notice of termination of the Telles joint venture project because of uncertainty about projected capital and production costs, combined with the rate of market adoption, which led to projected financial returns for ADM that were too uncertain, the value of Metabolix shares declined significantly.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.