The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that its algae products could potentially cause illness to costumers.
Specifically, on November 7, 2016, Bloomberg reported that TerraVia sent a letter to a distributor in July 2016 warning that TerraVia had received reports showing that algal protein in Soylent products can cause gastrointestinal distress. Mark Brooks, senior vice president at TerraVia, said that whole algal flour is safe and that Soylent products contain several known irritants, such as soy protein isolate and glycerin, which can cause symptoms similar to those reported by the startup's customers.
On this news, TerraVia's share price fell from $1.85 per share on November 6, 2016 to a closing price of $1.70 on November 7, 2016—a $0.15 or an 8.1% drop.
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If you invested in TerraVia stock or options between August 8, 2016 and November 7, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/TVIA. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding TerraVia's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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