JUPITER, Fla., Nov. 28, 2011 /PRNewswire/ -- Dyadic International, Inc. ("Dyadic") (OTC Pink: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, industrial enzyme and biopharmaceutical industries, announced today that the arbitration tribunal has found no auditor negligence in handing down a decision which denies Dyadic any recovery in its professional negligence/malpractice action against its former auditors, Ernst & Young LLP and Ernst & Young Hong Kong L.P.
This arbitration decision originates from the lawsuit filed by Dyadic in the spring of 2009 against its former auditors and outside legal counsel. The portion of the lawsuit against the auditors subsequently became subject to arbitration in connection with the services provided to Dyadic by such auditors from 2002 to 2008.
The remainder of this lawsuit against Dyadic's former outside legal counsel is proceeding in Florida state court against the law firms Greenberg Traurig, Bilzin Sumberg, Moscowitz & Moscowitz and Jenkens & Gilchrist. Also named as defendants in this lawsuit are attorneys Robert I. Schwimmer, who represented Dyadic while at Jenkens & Gilchrist and later at Greenberg Traurig, and Norman and Jane Moscowitz of the Moscowitz & Moscowitz law firm. Dyadic's claims against its former outside legal counsel include breach of fiduciary duty and professional negligence and also civil conspiracy with respect to Greenberg Traurig and Mr. Schwimmer.
The information in this press release is made solely by Dyadic and neither the arbitration tribunal, Ernst & Young LLP nor Ernst & Young Hong Kong L.P. have reviewed, commented on, or approved this press release.
Dyadic International, Inc. is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, industrial enzyme and biopharmaceutical industries. Please visit Dyadic's website at www.dyadic.com .
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Dyadic's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.
SOURCE Dyadic International, Inc.