LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of the common stock of Neptune Technologies & Bioressources Inc. (“Neptune Technologies” or the “Company”) (NASDAQ:NEPT) between December 12, 2011 and November 8, 2012, inclusive (the “Class Period”).
Neptune Technologies is a Canadian biotechnology company engaged in the research, development and commercialization of products derived from marine biomasses for the nutraceutical, pharmaceutical, cosmetic and pet food markets. The Complaint alleges that throughout the Class Period the defendants issued materially false and misleading statements regarding the Company’s business, operations and financial prospects. Specifically, defendants misrepresented and/or failed to disclose that: (1) the Company had installed larger acetone storage tanks at the Company’s Sherbrooke, Québec, production facility, storing dangerously high levels of acetone that exceeded the limits established by the Québec Ministry of Environment in 2002; (2) the Company failed to obtain permission from the Québec government to commence expansion of the Sherbrooke facility; (3) the Company had been pursuing market share regardless of the downward pressure and risk to its profit margins; and (4) as a result, Neptune Technologies’ statements concerning its operational performance, growth and financial prospects were false and misleading.
If you are a member of the above-described Class, you may move the Court, no later than February 18, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at 310-201-9150 or Toll Free at 888-773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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