Key Developments: Neptune Technologies & Bioressources Inc (NEPT.PH)
2.77USD
24 May 2013
$-0.06 (-2.12%)
$2.83
$2.76
$2.77
$2.76
400
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Latest Key Developments (Source: Significant Developments)
Class Action Lawsuit Against Neptune Technologies & Bioressources Inc Dismissed
Neptune Technologies & Bioressources Inc announced that the previously announced class action lawsuit filed against Neptune and certain of its officers (the defendants) on December 19, 2012 by Robbins Geller Rudman & Dowd LLP in the United States District Court for the Southern District of New York was voluntarily dismissed by the plaintiffs, without prejudice. No payment was made by any of the defendants in connection with the dismissal. The complaint alleged that the defendants violated the Securities Exchange Act of 1934. More specifically, it alleged that between December 12, 2011 and November 8, 2012 the defendants issued materially false and misleading statements regarding the Company's business, operations and financial prospects. Full Article
Neptune Technologies & Bioressources Inc Receives Patent; Intends To File Amended Complaint In ITC
Neptune Technologies & Bioressources Inc announced that the U.S. Patent & Trademark Office (the USPTO) has granted to Neptune a new continuation patent, U.S. Patent 8,383,675 (the "675 Patent). This new patent claims the benefit of prior Neptune U.S. Patent Nos. 8,030,348 and 8,278,351. The '675 Patent contains a single claim directed to a capsule comprising an Antarctic krill oil extract comprising a phospholipid suitable for human consumption. This claim covers most, if not all, krill oil products presently sold in the U.S. market, as well as the pharmaceutical concentrates of Neptune's subsidiaries Acasti Pharma and NeuroBioPharm. Neptune intends to file an amended complaint in the ITC to add allegations of infringement of the '675 Patent against all of the proposed respondents, including Aker BioMarine, Enzymotec and Rimfrost USA. Accordingly, Neptune has requested and been granted by the ITC a postponement of the deadline by which the ITC will decide whether to institute an investigation. Full Article
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Neptune Technologies & Bioressources Inc
Glancy Binkow & Goldberg LLP announced that all purchasers of the common stock of Neptune Technologies & Bioressources Inc. (Neptune Technologies or the Company) between December 12, 2011 and November 8, 2012, inclusive (the Class Period), have until February 18, 2013 to file a motion with the Court to be appointed as lead plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Southern District of New York. 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: 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; the Company failed to obtain permission from the Québec government to commence expansion of the Sherbrooke facility; the Company had been pursuing market share regardless of the downward pressure and risk to its profit margins; and as a result, Neptune Technologies` statements concerning its operational performance, growth and financial prospects were false and misleading. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Potential Securities Fraud At Neptune Technologies & Bioressources Inc
Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at Neptune Technologies & Bioressources Inc. The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose issues with Neptune's Sherbrooke, Quebec manufacturing plant, including that: (1) Neptune had installed large acetone storage tanks, storing dangerously high levels of acetone that exceeded the limits established by the Quebec Ministry of Environment in 2002; and (2) the Company had failed to obtain authorization from the Quebec government before launching the expansion of its Sherbrooke facility. Following a fatal explosion and fire at Neptune's Sherbrooke plant, and the subsequent halt to trading of the stock by the Nasdaq Stock Exchange on November 8, 2012, the price of Neptune's stock plunged $1.18 per share – approximately 32% of its closing price on November 7, 2012 – when trading resumed on November 26, 2012. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Neptune Technologies & Bioressources Inc
Glancy Binkow & Goldberg LLP announced 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 between December 12, 2011 and November 8, 2012, inclusive (the Class Period). 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. Full Article
Law Offices of Howard G. Smith Announces Investigation Of Neptune Technologies & Bioressources Inc
Law Offices of Howard G. Smith announced that it is investigating potential claims against Neptune Technologies & Bioressources Inc. (Neptune or the Company) concerning possible violations of federal securities laws. Neptune is a 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 investigation is related to allegations that Neptune misrepresented or failed to disclose that: (1) the Company had installed larger acetone storage tanks at its Sherbrooke, Québec, production plant, allowing it to store amounts that exceeded those permitted by the certificate of authorization issued by the Québec Ministry of Environment in 2002; (2) the Company failed to obtain permission from the Québec government to commence expansion at the Sherbrooke plant; (3) the Company had been chasing market share at the cost of its profit margins; and (4) as a result, the Company`s statements concerning its operations, growth strategy and financial performance and prospects were false and misleading. Full Article
Faruqi & Faruqi, LLP Investigates Potential Securities Fraud At NeptTechnologies & Bioressources Inc
Faruqi & Faruqi, LLP announced that it is investigating potential securities fraud at Neptune Technologies & Bioressources Inc (Neptune or the Company). The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose issues with Neptune's Sherbrooke, Quebec manufacturing plant, including that: (1) Neptune had installed large acetone storage tanks, storing dangerously high levels of acetone that exceeded the limits established by the Quebec Ministry of Environment in 2002; and (2) the Company had failed to obtain authorization from the Quebec government before launching the expansion of its Sherbrooke facility. Following a fatal explosion and fire at Neptune's Sherbrooke plant, and the subsequent halt to trading of the stock by the Nasdaq Stock Exchange on November 8, 2012, the price of Neptune's stock plunged $1.18 per share, approximately 32% of its closing price on November 7, 2012, when trading resumed on November 26, 2012. Full Article
Robbins Umeda LLP Files Class Action Against Neptune Technologies & Bioressources Inc
Shareholder rights firm Robbins Umeda LLP announced that purchasers of Neptune Technologies & Bioressources Inc (Neptune or the Company) have filed a complaint in the U.S. District Court for the Southern District of New York. The complaint alleges the Company and certain of its officers and directors violated the Securities Exchange Act of 1934 between December 12, 2011 and November 8, 2012. Neptune is a biotechnology company that develops and commercializes krill oil products for the nutraceutical, pharmaceutical, cosmetic, and pet food markets. The complaint alleges that the Company issued a series of materially false and misleading statements to investors misrepresenting its business success and future prospects. Specifically, the complaint alleges that defendants made false and misleading statements regarding Neptune's highly publicized expansion of its Sherbrooke production facility because it failed to disclose that it had not acquired the required building permits. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation of Neptune Technologies & Bioressources Inc
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims on behalf of purchasers of the securities of Neptune Technologies & Bioressources Inc concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Neptune between December 12, 2011 and November 8, 2012 were false and misleading concerning the Company's business, operations and prospects. Specifically, the investigation is focused on the Company's Sherbrooke, Québec, production facility and allegations that Neptune Technologies misrepresented or failed to disclose that: (1) the Company had installed larger acetone storage tanks at the Sherbrooke plant, 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. Full Article
Neptune Technologies & Bioressources Inc Comments on Filing of Lawsuit
Neptune Technologies & Bioressources Inc announced 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. Full Article
BRIEF-Neptune Tech U.S.-listed shares drop in premarket
NEW YORK, Nov 27 - Neptune Technologies & Bioressources Inc : * Neptune Tech U.S.-listed shares down 26 percent to $2.45 in premarket; company to resume temporarily lay off 70 workers and resume operations
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