LAVAL, Quebec, Dec. 20, 2012 (GLOBE NEWSWIRE) -- Neptune Technologies & Bioressources Inc. (" Neptune") (Nasdaq:NEPT) (TSX:NTB) learned today that it and certain of its officers have been named as defendants in a purported class action lawsuit filed by Robbins Geller Rudman & Dowd LLP on December 19, 2012 in the United States District Court for the Southern District of New York. The complaint charges Neptune and certain of its officers with alleged violations of the Securities Exchange Act of 1934. The complaint has been filed on behalf of all persons or entities who purchased the common stock of Neptune during a specified period.
Neptune believes that the claim is completely without merit and that it has substantial and meritorious legal and factual defenses, which Neptune intends to pursue vigorously. Amongst those defenses, Neptune reiterates that it has duly demonstrated that acetone levels stored inside and/or outside its Sherbrooke plant or used in the production of its krill oil products did not at any time exceed the levels permitted by the Québec Ministry of Environment. Neptune had obtained the required construction permits for its plant expansion and was in the process of obtaining the required environmental permit for the expansion. As previously disclosed, the notice alleging environmental non-compliance received by Neptune from the Québec Ministry of Environment on November 16, 2012 related to specific equipment acquisitions by Neptune and its plant expansion, but had nothing to do with the level or the compliance of acetone levels.
Neptune continues to work on the implementation of its action plan to resume operations and supply customers announced on November 26, 2012.About Neptune Technologies & Bioressources Inc. Neptune is a biotechnology company engaged primarily in the development and commercialization of marine-derived omega-3 polyunsaturated fatty acids, or PUFAs. Neptune has a patented process of extracting oils from Antarctic krill, which omega-3 PUFAs are then principally sold as bulk oil to Neptune's distributors who commercialize them under their private label primarily in the U.S., European and Asian neutraceutical markets. Neptune's lead products, Neptune Krill Oil (NKO®) and ECOKRILL Oil (EKO™), generally come in capsule form and serve as a dietary supplement to consumers.