INVESTOR ALERT: Class Action Lawsuit Against Enzymotec Ltd. Filed By Glancy Binkow & Goldberg LLP
06 September 2014 - 12:07PM
Business Wire
Glancy Binkow & Goldberg LLP, representing investors of
Enzymotec Ltd. (“Enzymotec” or the “Company”) (NASDAQ:ENZY), has
filed a class action lawsuit in the United States District Court
for the District of New Jersey on behalf of a class (the “Class”)
comprising purchasers of Enzymotec securities pursuant and/or
traceable to the Company’s Registration Statement and Prospectus
issued in connection with the Company’s initial public offering on
or about September 27, 2013, and/or on the open market between
September 27, 2013 and August 4, 2014, inclusive (the “Class
Period”).
Please contact Lesley Portnoy at (888) 773-9224 or (310)
201-9150, or at shareholders@glancylaw.com to discuss this matter.
If you inquire by email please include your mailing address,
telephone number and number of shares purchased.
Enzymotec develops, manufactures and markets bio-active lipid
ingredients used in the production of various nutritional products.
The Company’s primary source of revenue is through its baby formula
business, including the popular InFat line of products. The
Complaint alleges that the Registration Statement and Prospectus
contained materially false and misleading statements and omitted
material information, and that defendants misrepresented and/or
failed to disclose throughout the Class Period that:
- Enzymotec’s Chinese business was
subject to material and readily identifiable compliance regulations
from the Chinese government.
- The Company’s baby formula business in
China was jeopardized and subject to increased volatility and
decreased revenues.
- The Company’s joint venture with
AarhusKarlshamn AB, which marketed the popular InFat product, was
crumbling and subjected the Company to liability and decreased
revenues.
- Defendants’ positive statements about
the Company’s business, operations, and prospects were materially
false and misleading and/or lacked a reasonable basis at all
relevant times.
On May 14, 2014, the Company disclosed for the first time that
“Chinese regulations require infant formula manufacturers to make
certain changes to their production chain,” and as a result the
Company’s revenues were lower. Then, on August 5, 2014, the Company
further disclosed the increased impact of the Chinese regulations
on its sales of infant formula, and announced financial results
that were significantly lower than the prior year in almost all
respects. As a result of this news, Enzymotec shares declined $5.85
per share, or nearly 40%, to close on August 5, 2014, at $9.11 per
share, on volume of more than 1 million shares.
If you are a member of the Class described above, you may move
the Court no later than 60 days from the date of this Notice, to
serve as lead plaintiff, if you meet certain legal requirements. To
be a member of the Class you need not take any action at this time;
you may retain counsel of your choice or take no action and remain
an absent member of the Class. If you wish to learn more about this
action, or if you have any questions concerning this announcement
or your rights or interests with respect to these matters, please
contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg
LLP, 1925 Century Park East, Suite 2100, Los Angeles, California
90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com. If you inquire by
email, please include your mailing address, telephone number and
number of shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CALesley
Portnoy310-201-9150888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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