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On November 7, 2016, Bloomberg published an article entitled "Soylent Thinks It Found What Was Making People Sick: Algae." The article states that Rosa Foods, Inc.'s ("Rosa Foods") flagship meal replacement drink, Soylent, contains an algal flour ingredient provided by TerraVia that causes consumers to become sick and that Rosa Foods will be removing the ingredient altogether from its product formulations by early 2017. Although TerraVia Senior Vice President Mark Brooks adamantly denied that the Company's algal flour was responsible, Bloomberg reported that TerraVia sent a letter to a separate customer, EN-R-G Foods, LLC ("EN-R-G"), in July, warning that TerraVia's algal protein ingredient had been linked to a "modest number of reports" related to EN-R-G's Honey Stinger energy bar showing ailments similar to those reported by Soylent customers, namely nausea and vomiting.
On this news, TerraVia's share price fell $0.15, or 8.11%, to close at $1.70 on November 7, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-terravia-holdings-inc--tvia-300359213.html
SOURCE Pomerantz LLP