Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) ( http://www.rgrdlaw.com/cases/neptune/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the common stock of Neptune Technologies & Bioressources Inc. (“Neptune” or the “Company”) (Nasdaq:NEPT) between December 12, 2011 and November 8, 2012 (the “Class Period”). The proposed class action includes purchasers in Neptune’s September 25, 2012 registered public stock offering priced at $4.10 per share.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/neptune/. Any member of the putative 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.
The complaint charges Neptune and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Neptune is a Quebec, Canada-based biotechnology company that develops and commercializes krill oil products extracted from Antarctic krill for the nutraceutical, pharmaceutical, cosmetic, and pet food markets.
The complaint alleges that, throughout the Class Period, defendants lauded the future benefits of the massive expansion underway at the Company’s Sherbrooke production plant – the Company’s sole production facility which housed all of its inventory. Specifically, the complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s operational status and financial projections, and failed to disclose the following adverse facts: (a) the Company had installed larger acetone storage tanks at the Sherbrooke production plant that facilitated their storing dangerously high levels of acetone that exceeded those permitted by the certificate of authorization issued by the Québec Ministry of Environment in 2002; (b) the Company had failed to obtain permission from the Quebec government to commence expansion of the Sherbrooke production facility; (c) the Company had been chasing market share at the cost of margins and would see its profit margins collapse by the end of the Class Period; and (d) as a result, the Company was not on track to “maintain [its] operational performances, execute [its] growth strategy, [or to] continue delivering positive results.”