Newman Ferrara LLP ( www.nfllp.com) announces that a securities class action was filed on behalf of investors in Metabolix, Inc. (“Metabolix” or the “Company”) (NASDAQ: MBLX) in the U.S. District Court for the District of Massachusetts.
Investors who purchased shares of the Company’s common stock between March 10, 2010 and January 12, 2012 (the “Class Period”), and lost more than $100,000, are encouraged to contact Newman Ferrara partner Jeffrey M. Norton at (212) 619-5400 or firstname.lastname@example.org to discuss this action, the lead plaintiff process, or any questions concerning this notice. If you wish to serve as lead plaintiff, you must apply to be appointed by April 17, 2012. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. Lead plaintiffs are selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
According to the Complaint, Metabolix failed to disclose that Telles LLC, Metabolix’s joint business venture with Archer-Daniels-Midland (ADM), would not meet its commercial phase benchmark by 2011, resulting in Metabolix not being able to receive royalty payments it otherwise would have. Additionally, Metabolix failed to acknowledge that one of its bioplastic products, Mirel, was not commercially viable.
On January 12, 2012, the Company announced the ending of its joint venture with Telles, LLC. As a result, shares of Metabolix fell from $5.99 to $2.54 in one day of trading.Whistleblowers: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action. Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation with an emphasis on securities, ERISA, consumer fraud, products liability, civil rights and real estate. For more information, please visit the firm website at www.nfllp.com.