Key Developments: Metabolix Inc (MBLX.W)
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24 May 2013
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Latest Key Developments (Source: Significant Developments)
Metabolix Inc Signs Distribution And PHA Supply Agreements With Tianjin GreenBio Materials Co Ltd
Metabolix Inc announced that it has entered into a distribution agreement with Tianjin GreenBio Materials Co., Ltd. (GreenBio), a biomaterials company based in Tianjin, China. Under the terms of the agreement, Metabolix will distribute GreenBio`s SoGreen heat shrink film in Europe and will be the exclusive distributor in the Americas. In addition to a distribution relationship, Metabolix and GreenBio have also signed a supply agreement for PHA biopolymers. Under the arrangement, GreenBio will supply PHA resins to Metabolix, which will extend the range and availability of the Company's PHA products. Full Article
Metabolix, Inc. Receives Two U.S. Patents For Technology To Produce Biobased Polymers And Industrial Chemicals
Metabolix, Inc. announced that the Company has been awarded two new patents from the U.S. Patent and Trademark Office (PTO) related to the efficient production of biobased polymers and industrial chemicals. U.S. Patent 8,093,022 titled “Polyhydroxalkanoate Biopolymer Compositions” enables production of a series of new PHA biopolymer compositions using genetically engineered microbial strains. U.S. Patent 8,114,643 titled “Polyhydroxalkanoate Production from Polyols” enables creation of genetic constructs to make the biobased chemical 3-hydroxypropionic acid in microbial and crop plant systems. It also describes the use of polyols, including glycerol and sugars, as alternate, renewable feedstocks. 3-Hydroxypropionic acid is useful for the production of PHA polymers and C3 chemicals including biobased acrylic acid, malonic acid, esters and amines. Full Article
Block & Leviton LLP Files Securities Class Action Against Metabolix, Inc.
Block & Leviton LLP, a Boston-based law firm representing investors nationwide, announced that it has filed a securities class action on behalf of investors who purchased Metabolix, Inc. common stock during the period March 10, 2010 through January 12, 2012 (the "Class Period"). The lawsuit, captioned Coyne v. Metabolix, Inc., et al.,1:12-cv-10318-DPW is pending in the United States District Court for the District of Massachusetts. The lawsuit alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the SEC. The complaint asserts that Metabolix, its Chief Executive and its Financial Officers made materially false and misleading statements during the Class Period regarding the Company's prospects and success of its Telles joint venture with Archer Daniels Midland ("AMD"). More specifically, the lawsuit charges that Defendants withheld from investors, and misled them, as to the truth regarding the continuing commercial viability of the Telles joint venture project. Metabolix's stock price plummeted on January 13, 2012 by 57% after it was revealed that ADM was withdrawing from the joint venture because the project was "not delivering sufficient results now or [is] not expected to deliver sufficient results within a reasonable time frame. Full Article
Newman Ferrara LLP Pursues Securities Fraud Claims Against Metabolix, Inc.
Newman Ferrara LLP announced that a securities class action was filed on behalf of investors in Metabolix, Inc. (Metabolix) in the U.S. District Court for the District of Massachusetts. 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. Full Article
Metabolix, Inc. Comments On Q1 2012 Charge Guidance
Metabolix, Inc. announced that in first quarter of 2012, Metabolix restructured its business and expects to take a restructuring charge of approximately $1.0 million. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation Of Metabolix, Inc.
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims on behalf of shareholders of Metabolix, Inc., concerning possible breaches of fiduciary duties by the Company or its fiduciaries. The investigation concerns allegations in a civil lawsuit filed in the United States District Court for the District of Massachusetts alleging that Metabolix failed to disclose the following; that the Company’s joint venture with Archer Daniels-Midland Company (ADM) to establish a sales company, Telles LLC, to market and sell Metabolix’s “Mirel” bioplastics product, would not meet its commercial phase benchmark as early as mid-2010, or even in 2011, which would allow the Company to receive royalty payments and payments from services from Telles LLC; and that Mirel was not a commercially viable product that would offer value to the Company. The Complaint alleges that on January 12, 2012, the Company announced that ADM had given notice of termination of the Telles LLC joint venture because uncertainty about projected capital and production costs, combined with the rate of market adoption, led to projected financial returns for ADM that were too uncertain. Full Article
Robbins Umeda LLP Announces the Filing Of A Class Action Lawsuit Against Metabolix, Inc.
Shareholder rights firm Robbins Umeda LLP announced the filing of a federal securities class action by an investor in the United States District Court for the District of Massachusetts on behalf of purchasers of Metabolix, Inc., shares between March 10, 2010 and January 12, 2012 (Class Period). The complaint alleges that during the Class Period, certain officers at Metabolix issued a series of false and misleading statements to investors regarding Metabolix's business and prospects. Specifically, it is alleged that officers misrepresented and/or failed to disclose that Metabolix's Telles joint venture with ADM would not meet its commercial phase benchmark as early as mid-2010, or even in 2011, and that as a result Metabolix would not receive royalties or payments from services related to Telles; that Mirel was not a commercially viable product that would offer value to Metabolix and its shareholders; and that as a result of these facts, Metabolix and its officers lacked a reasonable basis for their positive statements about Metabolix and its prospects. On January 12, 2012, Metabolix issued a press release announcing that ADM had given notice that it was terminating Telles joint venture. ADM disclosed that their decision was the result of uncertainty about Telles' projected capital and production costs, ongoing concerns about the rate of market adoption of the venture's products, and the inability of the joint venture to deliver sufficient results in a reasonable time frame. Full Article
The Briscoe Law Firm And Powers Taylor, LLP Announces Investigation Of Possible Breaches Of Fiduciary Duty By Officers And Directors Of Metabolix, Inc.
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 announced that the firms are investigating legal claims against the officers and Board of Directors of Metabolix, Inc. 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 the investigation, the litigation firms 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 Willie Briscoe. 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. Full Article
Law Offices of Howard G. Smith Announces Investigation Of Metabolix, Inc.
Law Offices of Howard G. Smith announced that it is investigating potential claims against Metabolix, Inc., and its Board of Directors concerning possible breaches of fiduciary duties by the Company or its fiduciaries. Metabolix is a bioscience company that develops and commercializes technologies for the production of polymers and chemicals in plants and in microbes. The investigation concerns allegations in a civil lawsuit filed in the United States District Court for the District of Massachusetts alleging that Metabolix failed to disclose that the Company’s joint venture with Archer Daniels-Midland Company (ADM) to establish a sales company, Telles LLC, to market and sell Metabolix’s “Mirel” bioplastics product, 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 LLC, and Mirel was not a commercially viable product that would offer value to Metabolix. The Complaint alleges that on January 12, 2012 the Company announced that ADM had given notice of termination of the Telles LLC joint venture because uncertainty about projected capital and production costs, combined with the rate of market adoption, led to projected financial returns for ADM that were too uncertain. Full Article
Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Metabolix, Inc.
Ryan & Maniskas, LLP announced that a class action lawsuit has been filed in United States District Court for the District of Massachusetts on behalf of purchasers of the common stock of Metabolix, Inc. from March 10, 2010, through January 12, 2012, inclusive (Class Period). The complaint alleges that during the Class Period, Metabolix, and certain controlling individuals of the Company, made fraudulent material misrepresentations and omissions regarding Metabolix's business and operations. Among other things, the complaint alleges that defendants materially misrepresented and/or failed to disclose the following adverse facts: (i) that the Telles joint venture would not meet its commercial phase benchmark as early as mid-2010, or even in 2011, which would allow the Metabolix to receive royalty payments and payments from services from Telles; (ii) that Mirel was not a commercially viable product that would offer value to Metabolix and its shareholders; and (iii) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects. On January 12, 2012, Metabolix issued a press release announcing that ADM had given notice of termination of the Telles joint venture. ADM disclosed it terminated the Telles joint venture because uncertainty about projected capital and production costs, combined with the rate of market adoption, led to projected financial returns for ADM that were too uncertain. Full Article
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